Bitcoin’s slide from the $78,000 range to the $77,000 level triggered more than $500 million in liquidations across cryptocurrency perpetual futures markets in just one hour. Ethereum topped the liquidation rankings, and analysts say the surge in trading volume on South Korean exchanges a day earlier exposed the vulnerability of speculative leveraged positions to heightened volatility.

According to data compiled by BlockBeats, total liquidations across crypto perpetual futures markets reached $529 million (approximately 730 billion won) in the most recent one-hour window on the 22nd (local time). Long position liquidations totaled roughly $478 million (approximately 660 billion won), while short position liquidations came in at about…