Leveraged crypto traders betting on higher prices were caught in a sharp squeeze over the past 24 hours, with roughly $245 million in perpetual futures positions forcibly closed across major exchanges. The bulk of the damage hit long positions, signaling that a sudden downward move blindsided a market that had grown increasingly confident in continued upside.

Data compiled from derivatives platforms shows Ethereum (ETH) bore the heaviest losses among major tokens, followed by Bitcoin (BTC) and Solana (SOL). The liquidation figures paint a picture of crowded positioning unwinding rapidly:

Note: Figures cover the 24-hour…