1H Liquidations 96% Longs After $80.9K Top: Squeeze Fading
Liquidations Tell a Two-Sided Story in 24 Hours
Over the last 24 hours, $463.2 million in liquidations hit the market, and 70% of it came from shorts. Binance, OKX and Hyperliquid all show the same short-heavy read: $323.1 million of short positions were wiped versus $140 million of longs. But the tape flipped in the most recent hour. Between 01:47 and 02:47 Beijing time, longs paid $24.4 million of the $25.5 million total, roughly 96% of everything liquidated. That split is the signal worth reading, not just the headline number.
BTC Topped Near $80.9K, Then Longs Got Caught
Bitcoin pushed to $80,845 on Binance and $80,800 on OKX before easing back to around $79,980 on both venues, a slide of roughly $860 off the top. The 24-hour range holds at $78,157 to $80,845, so the pullback is small. Yet the timing of the long wipes lines up with that top. The largest recent single liquidation is a $6.95 million ETH long on Aster, followed by a $3.28 million ETH long and a $2.23 million ETH long on Binance, plus a $2.21 million BTC long on Binance. The names being flushed are the ones that chased the breakout.
SOL Shorts Paid 88% of Its Wipes After an 11% Jump
Solana is the outlier that explains the squeeze. SOL rose 11.3% to $107.67 on Binance and OKX, and short liquidations made up 88% of its $52.1 million total in 24 hours. That is a classic short squeeze profile: a fast move, leveraged shorts forced out, and funding staying cold. ETH and BTC tell the quieter version, with shorts paying 67% and 74% of their respective totals. XRP also ran 4.3% to $1.44 while short liquidations led its $10.8 million total. The squeeze was broad, but SOL carried it.
What the Flip Means for the Next Few Hours
A one-hour window is noise by itself, but the context matters. The 24-hour window is still short-heavy, which means leveraged shorts that survived the run-up are not yet cleared out. The sudden 96% long share says new long leverage came in right at the top and is now being shaken out. If BTC holds above $79,500 and SOL keeps its bid, this looks like a healthy reset after an overextended squeeze. If the long flush accelerates and BTC breaks the low of the day near $78,100, the same leverage that powered the rally becomes the fuel on the way down. Watch the 1-hour long share, not the 24-hour headline, for the early read.
Data as of 02:47 Beijing time on August 28, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.