Long positions accounted for around $182.35 million of the total $243.15 million of liquidations recorded over the 24 hours, with short positions totaling around $60.80 million.
This is equivalent to around three-fourths of all the positions that were liquidated being traders who were looking for further gains in Bitcoin and altcoin prices.
Over the last 12 hours, liquidations have totalled over $53.31 million, with long traders accounting for more than $14.33 million. Nearly $18.72 million was also liquidated in the 4-hour window.
Market commentators observe that such liquidation cascades typically occur when excessive leverage builds up, market sentiment is positive, and open interest grows.