$48.72 million (approx. 65 billion won) in liquidations over 24 hours… Long positions dominated

Over the past 24 hours, roughly $48.72 million (about 65 billion won) in leveraged crypto positions were liquidated across the derivatives market, according to CoinGlass data as of 1:31 a.m. ET on the 1st. Long positions accounted for $27.80 million (about 37.2 billion won) of the total, exceeding short liquidations of $20.89 million (about 27.9 billion won). By asset, Bitcoin (BTC) saw $2.27 million in long and $2.81 million in short liquidations, while Ethereum (ETH) recorded $1.76 million in long and $5.52 million in short liquidations, with shorts dominating both majors. Liquidations occur when leveraged positions fail to meet margin requirements and are forcibly closed, and the figures reflect position sizes rather than direct investor losses. The relatively modest total and the heavier short-side liquidations on ETH suggest upward price pressure triggering short squeezes, though the article was truncated before full market context. Traders will be watching whether volatility persists and whether liquidation volumes accelerate if prices move sharply in either direction.