A wave of forced closures swept through cryptocurrency derivatives markets overnight, wiping out $939.30 million in leveraged positions as a broad sell-off caught bullish traders off guard. Long positions bore the overwhelming brunt of the damage, accounting for $791.62 million, or 84.3%, of the total, according to data from CoinGlass.

The episode ranks as the most severe liquidation event since August, underscoring how quickly accumulated leverage can unwind when price momentum reverses. The scale of forced selling, concentrated on the long side of the order book, suggests that traders had positioned aggressively for continued upside before the session began.

Ethereum suffered the heaviest losses among individual assets, with $286.11…