Leveraged cryptocurrency traders absorbed more than $1 billion in forced liquidations over a 24-hour stretch, as a combination of hawkish Federal Reserve signals, geopolitical tension and a technical breakdown in Bitcoin’s trading range triggered one of the sharpest deleveraging events since August.

Total liquidations reached $1.09 billion across major derivatives exchanges, according to data from analytics platform CoinGlass, with 181,077 traders seeing positions automatically closed when their collateral fell below maintenance thresholds. Long positions bore the overwhelming share of the damage, accounting for roughly $930.54 million, or about 85% of the total, while short-side liquidations came in at $161.85 million.

The unwind began…