According to Coinglass statistics, as of October 30, within the past 24 hours, the cryptocurrency derivatives market triggered approximately 1.112 to 1.113 billion USD in forced liquidations, among which long positions accounted for about 930 million USD and short positions for about 175 million USD, with long positions being the absolute majority in this clearance. According to TechFlow, citing CoinGlass, long position liquidations accounted for about 84.3%, while shorts were only about 15.7%. This extremely imbalanced liquidation structure reflects the previous market's leverage heavily skewed towards the bullish side. When unfavorable fluctuations occurred for the bulls in a short period, high-leverage long positions with insufficient margin were concentratedly triggered for forced liquidation, and the chain liquidations amplified the two-way squeeze of price and positions, forming a typical long squeeze and de-leveraging window. In terms of asset distribution, Bitcoin contracts saw about 350 million USD in liquidation, Ethereum contracts saw about 253 million USD, totaling about 603 million USD, accounting for more than half of the total liquidations across the network, clearly indicating that BTC and ETH are the core battlegrounds for the concentrated release of leverage risk in this round.

Bulled Down: Ninety Percent of Funds Wiped Out in the Surge

From the perspective of position direction, this round of liquidations was almost one-sided against the bulls. In the past 24 hours, the total network liquidation amount was about 1.112 to 1.113 billion USD, with long liquidations around 930 million USD and shorts only about 175 million USD. The losses incurred by the bulls were several times that of the bears, representing the absolute dominance in this round of risk release. According to TechFlow, citing CoinGlass data, long liquidations accounted for about 938 million USD, about 84.3% of the total network liquidation amount, while shorts accounted for about 15.7%, meaning that in this time window, nearly ninety percent of each dollar liquidated came from those betting on an upward trend.

The pronounced direction distribution directly exposed the market's betting heavily favoring the bullish side before the incident: leverage funds were concentrated on the long side, and once the price showed unfavorable fluctuations, the relatively weak margin long positions were the first to reach the forced liquidation threshold, with automatic liquidations further pushing prices down, forming a typical long squeeze chain. In contrast, the overall scale and leverage level of short positions were significantly smaller, playing a more passive counterparty role in this round of fluctuations rather than being a source of risk. The result was that the “paper profits” piled up by bulls amidst a uniformly bullish sentiment were rapidly wiped out in this round of short-term fluctuations and chain liquidations, vividly illustrating the fragility of the one-sided leverage structure in the face of a correction and the intensity of emotional reversals.

Bitcoin and Ethereum as the 600 Million USD Liquidation Main Battleground

In this round of long squeezes, funds and risks concentrated predominantly on Bitcoin and Ethereum. Coinglass data, cited by several media outlets, showed that in the past 24 hours, Bitcoin contracts saw about 350 million USD liquidated, and Ethereum saw about 253 million USD, totaling about 603 million USD, which accounted for more than half of the total liquidation amount of approximately 1.112 to 1.113 billion USD across the network. This means that the forced liquidations mainly occurred in the two most liquid mainstream assets, while other cryptocurrencies more passively followed the spillover effects of this core volatility.

Structurally, BTC and ETH have always been the targets with the highest concentration of leverage in the contract market, making this data exacerbate that structural characteristic into a result: long positions are highly accumulated in these two major assets, and when prices briefly retraced triggering chain liquidations, the forced liquidation mechanism accelerated selling in reverse, further amplifying price and margin fluctuations across the network. In other words, BTC and ETH are not just the risk-bearing areas of this round of market movement; their concentrated leverage position structures also acted as amplifiers in the overall de-leveraging process.

180,000 Accounts Wiped Out: How Liquidations Triggered in Sequence

In this round of de-leveraging, the price's short-term retracement quickly evolved from "point losses" to "area clearances." According to TechFlow, citing CoinGlass data, in the past 24 hours ending on October 30, about 183,902 traders were liquidated, corresponding to a liquidation scale of about 1.112 to 1.113 billion USD. Long position liquidations accounted for about 930 million USD, exceeding eighty percent (a single-source standard being about 84.3%), meaning that the risk was primarily concentrated on one-sided bullish leverage: when prices fell below the common entry and add-on zones for bulls, the margin usage quickly expanded, triggering large-scale systemic forced liquidations.

Mechanically, such forced liquidations are not a one-time occurrence but rather a typical "self-amplifying chain." In the isolated or full-margin mode, when the underlying price fluctuates downward and the account's margin ratio falls to the maintenance level set by the exchange, the system will automatically liquidate part or all of the positions to recover margin; this process itself will throw sell orders into the market, increasing the instantaneous selling pressure and further lowering prices, subsequently hitting more high-leverage long positions' forced liquidation lines, forming chain liquidations. For small funds with limited capital and vulnerability to fluctuations, as well as for short-term funds frequently using high leverage and having extremely narrow stop-loss spaces, such chain-like forced liquidations come with almost no buffer time for "human intervention"; as long as the price hits the liquidation area in a short period, they will be passively liquidated and bear the most concentrated losses amidst such volatility.

The Emotion Behind the Data: From Greed to Forced De-leveraging

Long positions dominated this wave of liquidations, which is a direct reflection of the imbalanced emotional structure. According to TechFlow, citing CoinGlass data, about 938 million USD in long positions were liquidated, accounting for about 84.3% of the total liquidation amount across the network, while short positions were only about 175 million USD. This extreme directional liquidation indicates that before the price sharply dropped, market positions had heavily favored bullish bets, and optimistic sentiment was not only prevailing but also compounded with the “crowded trade” characteristic of widely used leverage, unable to spontaneously reduce positions to release risk in a short time, leading to passive collective clearance triggered only when prices hit forced liquidation lines.

Asset distribution similarly corroborated that risk appetite concentrated on top assets: the sum of liquidation amounts for Bitcoin and Ethereum contracts totaled about 603 million USD, accounting for more than half of the total liquidations across the network, indicating that the main battleground for leveraged funds remains these two major mainstream assets, rather than less liquid fringe varieties. Meanwhile, about 183,902 traders were liquidated in the past 24 hours, showing that not only was the individual amount substantial, but the number of accounts drawn into de-leveraging was also very large. In the absence of clear external negative catalysts pointing towards an explicit macro or regulatory event as a direct trigger, this round of liquidation totaling around 1.1 billion USD seemed more like a concentrated correction from previously excessive optimism and overcrowded bulls under short-term fluctuations, representing a passive de-leveraging process evolved from endogenous leverage structures.

Before the Next Round of Volatility: Cold-Blooded Numbers That Leverage Traders Must Remember

This round of approximately 1.112 to 1.113 billion USD in network-wide liquidations essentially serves as a bloody sample to reprice the tail risks of mainstream coin contracts: long liquidations were about 930 million USD, accounting for over eighty percent, while corresponding short liquidations were only about 175 million USD, indicating that in the previous period, risks were almost unidirectionally piled on the bullish side; BTC and ETH contracts collectively saw about 603 million USD in forced liquidations, reaffirming that truly large-scale leverage concentrated on top assets, and once volatility amplifies, the main battleground remains here. With about 183,902 traders liquidated within 24 hours, it means this was not just an extreme sample of a few "aggressive players," but the entire market was collectively testing its leverage limits. The lack of explicit external bearish catalysts yet still being able to liquidate positions totaling around 1.1 billion USD in a short time typically points towards an earlier excessive leveraging compounded with a one-sided bullish position structure—any similar fluctuation could turn seemingly "safe" high leverage into a stomp where losses cannot be stemmed. Therefore, before the next opening of positions, traders need to first calculate not "how much more can it rise," but rather establish a position size and leverage limit based on this liquidation data that can still survive under the worst fluctuation scenarios.

Join our community, let’s discuss together and become stronger!
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/zh-CN/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata

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[email protected]，本平台相关工作人员将会进行核查。