A sharp crypto selloff forced $1.53 billion in leveraged positions to close by Friday morning in Asia, according to CoinGlass. Longs, or bets that prices would rise, made up 83.8% of the total. In the past 24 hours, about $1.29 billion of long positions were wiped out.
Long bets take the hit
Most of the damage landed in the latest 12 hours. That window accounted for roughly $1.37 billion in liquidations, including $1.23 billion of longs. The forced closures came after Thursday’s Binance security breach. Binance estimates the incident affected about $6.3 billion in assets. The exchange has said it will cover losses and has paused deposits and withdrawals while it runs security checks.
Bitcoin fell as low as about $76,460 before recovering toward $78,500. Ether traded near $2,240 after slipping below $2,200. SOL, XRP and dogecoin also moved lower. The price drop matters because leveraged traders post only a fraction of a position’s value as collateral. When the market moves far enough against them, exchanges close the trade automatically. Closing longs usually creates sell orders, which can add pressure while prices are already falling.
Exchange breach adds pressure
Bitcoin positions made up about $499 million in liquidations. Ether followed with $358 million, so the two assets accounted for more than half the total. Solana saw $82.6 million in forced closures, XRP $38.1 million and dogecoin $18.6 million.
Binance recorded $754.6 million in liquidations, or 49.2% of the market-wide total. About $670.6 million of that came from longs. Hyperliquid followed with $251.4 million and Bybit with $186.5 million. CoinGlass tracked the largest single liquidation as an $11 million bitcoin long on Binance.
Short sellers caught by rebound
The recovery also began to hurt traders betting on more declines. Shorts accounted for $57.3 million of the $85 million liquidated in the latest four hours. In the latest hour, they made up $20.6 million of $21.6 million, about 95%. Closing a short requires buying back the position. That can push prices higher as traders exit, perhaps adding to the bounce. For now, the market is still working through the fallout from the breach.
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