The cryptocurrency derivatives market witnessed a significant purge over the past 24 hours, with total liquidation volumes across major perpetual futures reaching approximately $275 million. The majority of these liquidations hit long positions, indicating a sharp price reversal that caught many traders off guard.

Market-Wide Long Squeeze

Data from major exchanges shows that Bitcoin (BTC) led the liquidation wave with $154.85 million in positions wiped out, of which a staggering 85.44% were long positions. Ethereum (ETH) followed with $97.65 million in liquidations, with longs accounting for 77.97%. Solana (SOL) saw $23.12 million liquidated, with 68.67% being longs.

The concentration of long liquidations suggests that many traders had…