The cryptocurrency rally faced a test of its strength in the form of a sharp local correction, triggering a wave of forced margin liquidations.

Excessive leverage on exchanges created an unprecedented imbalance during the sell-off: over shorter time frames, long liquidations exceeded short losses by more than 30 times.

You Might Also Like
Wed, 09/23/2026 - 00:01 Dogecoin (DOGE), Shiba Inu (SHIB), Near Protocol (NEAR) and Zcash (ZEC) Price Analysis For September 23: Volatility Breaks All LimitsByArman Shirinyan
HOT Stories Dogecoin (DOGE), Shiba Inu (SHIB), Near Protocol (NEAR) and Zcash (ZEC) Price Analysis For September 23: Volatility Breaks All Limits Bitcoin Having Best September Since 2012

According to CoinGlass, buyers (longs) lost $359.45 million out of total liquidations of $504.62 million, with bears accounting for $145.16 million. In the past 24 hours, 121,934 traders had their positions forcibly closed.

Crypto liquidation heatmap showing massive long wipes across major digital assets, Source: CoinGlass

Pressure peaked in the final hour of the correction, when buyers’ positions were liquidated for $230.24 million. Sellers lost just $7.31 million during the same hour, creating an extreme hourly imbalance of 3,049%. The largest margin call occurred on Binance, where a $10.04 million long position in ETHUSDT was liquidated. 

Over the 24-hour period, margin losses totaled $49.16 million for Ethereum and $37.77 million for Bitcoin. Major altcoins were affected as well, including XRP, where long liquidations reached $7.68 million.

The liquidation map hints that this may not be the bottom yet

The monthly Cryptocurrency Liquidation Max Pain map shows that price pressure could continue. The nearest liquidity pools acting as magnets for the market are well below current levels:

• BTC: The maximum pain point for longs is at $79,780, with $118.83 million in potential liquidations. Shorts are concentrated at $87,318 ($87.05 million).
• ETH: With the price near $2,654, most leveraged long positions are concentrated at $2,344, with $59.85 million in potential liquidations.
• XRP: The asset is trading at $1.5052. The monthly maximum pain point for buyers has shifted to $1.4789, with $11.53 million in liquidations, while shorts are trapped higher, at $1.65978 ($5.47 million).

You Might Also Like
Wed, 09/23/2026 - 10:40 $60,000 Bitcoin Bottom Suddenly Looks 'Unlikely': Top Bloomberg StrategistByGamza Khanzadaev

This large-scale forced unwinding of positions coincided with a classic risk-off move across global markets. While Bitcoin (BTC) fell 2.24% to $84,271, the U.S. S&P 500 retreated 0.54% to 7,722.44, and the fear index VIX rose 3.23%.

Safe-haven gold also corrected, falling 1.66% to $4,285.90. Investors hurried to redirect available liquidity into commodities as Brent crude surged above the psychological level of $101 a barrel, up 3.17%. This ultimately deprived buyers of overheated digital assets of the support they needed.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。