The crypto market has recorded more than $1.20 billion in 24-hour liquidations from 319,433 positions on Monday, according to Coinglass data. The liquidation was spearheaded by over $1.1 billion in liquidated long positions with just $115.5 million in short liquidations.

The high liquidations followed a quick crash in Bitcoin (BTC) and Ethereum (ETH), from $108,000 to $105,000 and $3,700 to $3,500 within one hour, respectively. Within the same hour, both assets saw liquidations totaling over $100 million each. The largest liquidation order occurred on crypto exchange HTX, valued at $33.9 million.

The figure could be higher than reported, as crypto liquidation data from aggregators is often understated due to limited data feeds and API…