$105 million in crypto longs wiped out in one hour

Crypto traders holding leveraged long positions lost roughly $105 million within a single hour as a sudden price move triggered cascading liquidations across major derivatives venues. The wipeout underscores how quickly leverage can amplify losses during sharp volatility, with forced selling potentially deepening the move and shifting near-term market sentiment. The event points to crowded positioning on the long side heading into the selloff, leaving traders exposed when prices reversed. Market participants will now watch whether funding rates and open interest reset lower, and whether spot volumes stabilize, to gauge if the flush has cleared excess leverage or signals further volatility ahead.