More than half a billion dollars in leveraged long positions were wiped out across crypto markets in a single day, catching bullish traders flat-footed in what turned out to be the most painful liquidation event in months.

The $563 million in forced long closures marks the largest one-day liquidation since February, when Bitcoin tumbled toward $60K and erased $1.84 billion in bullish bets.

Ethereum took the hardest hit

ETH longs accounted for roughly $244 million of the total, making Ethereum the single biggest contributor to the liquidation wave. Bitcoin followed at approximately $160 million in forced long closures, with the remainder spread across altcoins.

Only $65 million in short positions were liquidated…