Ethereum, XRP, Dogecoin, Solana Lost 384 Million USD in the Largest Liquidation Day Since February

In the past 24 hours, the crypto market has witnessed a massive wave of liquidation with a total value of up to $979.72 million, with long positions heavily impacted. This day closes with the largest liquidation event since February, when nearly $3 billion in both long and short positions were liquidated within 48 hours. Here is how to analyze: Longs liquidation: 873.05 million USD (≈89.12%)Shorts liquidation: 106.67 million USD (≈10.88%) This liquidation imbalance reflects a strong reversal in the crypto market, surprising long-term leveraged traders after the public feud between Elon Musk and Donald Trump. Coin level analysis: BTC & ETH dominance Top assets by liquidation volume:

Bitcoin (BTC) and Ethereum (ETH) together accounted for 64% of all liquidations, reflecting the high leverage around these major coins. Notably, SOL and DOGE have significant liquidation volumes relative to their market capitalization, implying overleveraged retail investor enthusiasm. Exchange Level Analysis Liquidation activities focus on several key platforms:

Bybit leads in liquidation volume, with an extreme buy bias of 94.13%, highlighting the strong bullish leverage of its user base, which could lead to one of the largest buy squeezes on this platform. Explanation: A classic liquidation Today's liquidation data paints a picture of overbought positions on retail exchanges. The asymmetric hit on long positions, nearly 9 times that of short liquidations, signals a classic buying squeeze that could be triggered by a rapid price drop of BTC or ETH. This may have been exacerbated by: Powerful leverage in altcoin trading (SOL, DOGE)Activate stop-loss during the adjustment according to personalityRemove bullish derivative structures before the weekend With a liquidation scale like this: Short-term volatility is likely to remain high. Expected open interest to decrease and funding rates to cool down. Any recovery could be weaker as long positions are liquidated and risk is reassessed regarding the new personality. If BTC or ETH stabilizes, the short-term recovery is possible, but a sustainable upward trend will require clear support and renewed confidence after the liquidation. As of press time, the price of Bitcoin is down 2.2% from yesterday's peak of $105,500 at $103,400.