According to Woofun AI, the Bitcoin price has broken through the $80,000 psychological threshold (currently reported at about $80,900), directly triggering a chain liquidation reaction in the digital asset derivatives market. The total amount of liquidations in the past 24 hours reached US$152.06 million (approximately 203.4 billion won). In this wave of deleveraging driven by a price rebound, short selling positions became the main target of liquidation, with a liquidation amount of US$138.4 million (approximately KRW 138.9 billion), accounting for 68.3% of the total liquidation volume, while the liquidation amount for long positions was US$48.22 million (approximately KRW 64.5 billion), accounting for 31.7%. A total of about 61,400 traders were forced to close their positions due to insufficient margin, and market liquidity fluctuated sharply in a short period of time.
Deconstructing this liquidation process from the time dimension, the liquidation of positions is mainly concentrated in nearly 12 hours, accounting for about 60% of the 24-hour total. In the past 12 hours, the total liquidation amount reached US$93.53 million (approximately KRW 125.1 billion), of which the amount of short selling positions liquidated surged to US$79.28 million (approximately KRW 106.1 billion), accounting for 84.8%.
The more critical variable is the acceleration effect in the last 4 hours. Of the $18.94 million (about 25.3 billion won) of the settlement amount of $18.94 million (about 25.3 billion won) during this period, $14.69 million (about 19.7 billion won) came from short sellers. In a very short window of the last 1 hour, the share of short sales positions was further concentrated to 6.84 million US dollars (about 9.1 billion won) of the total liquidation amount of 7.95 million US dollars (about 10.6 billion won).
According to Woofun AI on-chain data, the Binance exchange is the core carrier of this liquidation storm, and its contribution of liquidation amounts accounts for 47.8% of the total volume of all exchanges. The single largest liquidation event occurred on Binance's ETHUSDT perpetual contract short selling position, which amounted to about US$9.39 million (approximately KRW 12.6 billion), highlighting the concentration of liquidation of leading exchanges in highly volatile markets.
The differentiation at the asset level is also significant, with ETH surpassing BTC in terms of liquidation scale and ranking first. In the past 24 hours, the total amount of ETH liquidated was US$37.47 million (approximately KRW 50.1 billion), of which short positions were liquidated at US$30.67 million (approximately KRW 41 billion), accounting for 81.8%, and US$6.81 million (approximately KRW 9.1 billion) was liquidated by long companies. Over the same period, the price of ETH rose 1.67% to $2355.93, and shorters suffered concentrated attacks due to misjudgment of direction.
BTC followed, with a liquidation amount of US$34.35 million (approximately KRW 45.9 billion), short selling liquidations of US$26.29 million (approximately KRW 35.2 billion), accounting for 76.5%, and US$8.06 million (approximately KRW 10.8 billion) in long liquidations. Together, ETH and BTC settled $71.82 million (approximately 961 billion won), accounting for 47.2% of the total market. Among the altcoins, ZEC showed outstanding performance, liquidating 7.7 million US dollars (about 10.3 billion won) in 24 hours and liquidating 7.15 million US dollars (about 9.6 billion won) by short selling. The price of ZEC surged 6.73% to $1309.29 over the same period.
NEAR's price rose 5.82% to $4.709, and $2.6 million (about 3.5 billion won) was liquidated, of which $2.04 million (about 2.7 billion won) was liquidated by short selling. In contrast, SOL showed different characteristics. Although the price rose 1.12% to $101.54, its long liquidation amount of $1.91 million (about 2.6 billion won) was slightly higher than the short sale of $1.78 million (about 2.4 billion won), showing signs that some bulls were forced to close their positions during the upward process.
This wave of liquidations revealed the vulnerability of highly leveraged positions at the beginning of a trend reversal. As Bitcoin stabilized at $80,000, market sentiment changed from wait-and-see to upward, leading to the forced liquidation of a large number of reverse short positions, which in turn increased short-term price fluctuations. As assets with the most weight in market capitalization, ETH and BTC have a total settlement scale close to half of the market, reflecting that mainstream currencies are still the main battleground in the leverage game.
Notably, SOL's bullish liquidation was slightly higher than that of the bears, reflecting that the pullback during the upward process has triggered some highly leveraged bulls to leave the market. If prices continue to rise in the future, the remaining highly leveraged bears will face a greater risk of bursting out of positions, which may cause further liquidity squeeze. This is a typical deleveraging characteristic once again shown by the derivatives market after many previous market fluctuations. Investors need to be wary of position management risks in a volatile environment.