Virtual asset liquidations $992 million… short positions 58.2%

Crypto derivatives markets saw $992 million in liquidations over the past 24 hours, with short positions accounting for $577 million (58.2%) and longs $415 million (41.8%), according to CoinGlass data cited by Marsbit as of 10:31 a.m. KST on the 5th. Short liquidations exceeded long liquidations by $162 million, indicating that bearish traders were caught offside as prices moved against their positions. The skew toward short liquidations suggests a short squeeze contributed to the move, forcing leveraged bearish bets to close. The scale of the wipeout underscores how crowded leverage remains across crypto derivatives venues. Traders will watch whether the liquidation cascade cools or accelerates, and whether funding rates and open interest reset accordingly.