Over 74,000 positions liquidated after modest market recovery, indicating high leverage

Short positions bear the brunt as market rebound triggers chain reaction of liquidations.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Over the span of just one day, $201.87 million was wiped out in liquidations, blindsiding a staggering 74,152 traders. With short positions astonishingly overwhelmed, making up nearly 65% of the total, the aftermath of a sudden market rebound left many in disbelief. Ripple’s XRP led the disruption, surging 14.34%, and this ripple effect wasn't confined to XRP alone. So, what fueled these outsized moves across altcoins and major cryptos alike, leaving both retail and institutional traders reeling? Discover the market dynamics that no one saw coming.