Volatility returned to crypto markets as shifting sentiment triggered another round of forced liquidations. As prices moved aggressively, leveraged positions began unwinding, leading to roughly $186 million in liquidations over the past 24 hours.

Long positions absorbed $102.8 million of the losses, while shorts accounted for $83.2 million, showing that traders were caught on both sides of the move.

Bitcoin [BTC] led the wipeout with $34.97 million liquidated, followed by Ethereum [ETH] at $24.65 million. The balanced distribution suggests uncertainty rather than conviction, leaving markets vulnerable to further volatility if macro conditions continue tightening.

Whale distribution meets ETF demand

While derivatives…