The cryptocurrency derivatives market endured another sharp shakeout after more than US$361 million worth of long positions were liquidated within a 24-hour period.

Data from Coinglass showed that total liquidations across the digital asset sector reached roughly US$456 million during the same timeframe.

Traders betting on higher prices absorbed the overwhelming majority of losses, with long positions accounting for approximately US$366 million of all forced closures.

The figures indicate that close to 80% of liquidated trades came from market participants expecting further upside in cryptocurrency prices.

The latest sell-off highlighted the risks associated with leveraged trading, where even modest market moves can trigger automatic…