Crypto traders holding long, or bullish, futures bets have taken a sharp hit over the past 24 hours after the Clarity Act failed a Senate procedural vote.

Exchanges liquidated about $571 million in long positions in that window, the highest tally since Aug. 22, according to CoinGlass. Shorts, or bearish bets, accounted for only about $100 million of the wipeout.

Bitcoin and ether longs absorbed the heaviest damage, with roughly $190 million liquidated in each. Analysts had flagged ether and DeFi tokens as the assets most likely to outperform bitcoin if the Senate voted yes. XRP longs lost about $30 million, while Solana longs lost about $22 million.

The data shows markets were positioned for continued upside, largely on hopes the Clarity…