$459M Wiped: BTC/ETH Squeeze Shorts, XRP/TRUMP Flush Longs
One Tape, Two Different Fights
Liquidations in the last 24 hours totaled $459M across major venues, with shorts paying 55.7% of the bill. That headline number hides a split market. BTC shorts lost $121M and ETH shorts lost $86.1M, roughly 64% of each coin's liquidation total. At the same time, XRP longs paid $13.4M of its $17.8M wipeout, TRUMP longs covered $5.4M of $7.3M, and DOGE, HYPE and VELVET each saw 80% or more of their liquidations hit the long side. The same tape squeezed one group and flushed the other.
Shorts Squeezed on BTC and ETH
BTC is back at $78,990, up 2.14% over 24h, with a high of $79,975 and a low of $76,649 on Binance, and matching prints on OKX at $78,990 with a $79,999 high. ETH trades at $2,478, up 1.32%, high $2,533, low $2,423, again confirmed by both Binance and OKX. The push through $80K failed and price pulled back, but the damage was already done to leveraged shorts: five of the six largest single liquidations on the tape are ETH shorts, led by a $6.9M ETH short on Binance at $2,483. A 56 BTC long at $78,093 was the biggest BTC long wipe, worth $4.4M.
Longs Flushed on XRP and TRUMP
XRP fell 1.5% to $1.4852 after failing to hold $1.55, and its longs are still being cleared: $13.4M of its $17.8M in liquidations came from the long side. TRUMP dropped 9.4% to $2.464 from a $2.755 high, with longs paying $5.4M of $7.3M. DOGE lost 3.7% to $0.0896 and 86% of its $6M in liquidations hit longs. These are the same coins that ran hard earlier in the week, and the flush is the flip side of that move. The people who chased the breakout late are the ones paying now.
Where the Money Is Concentrated
Binance cleared $193.1M, OKX $103.5M and Hyperliquid $51.5M. Those three venues account for 76% of all liquidations in the window. Binance is the only top venue where shorts outnumber longs on the dollar side by a wide margin, $114.2M to $78.9M, which fits the short-squeeze reading on BTC and ETH. Hyperliquid is also short-heavy at $30.8M to $20.6M. Bybit sits at $40.3M with a near-even long/short split, the most balanced book of the large venues.
What This Means
The 1-hour and 4-hour windows show longs now paying 68% and 63% respectively, so the squeeze is rotating. Shorts on BTC and ETH got punished on the push to $80K, but the coins that led the rally are now bleeding longs. That is a two-way liquidation tape, and it usually signals consolidation rather than a clean trend. For traders, the read is simple: BTC and ETH funding and open interest reset quickly after the squeeze, while XRP and TRUMP still have long overhang being worked off. Until that clears, chasing either side of the momentum is paying the other side's bill.
Data as of 02:30 Beijing time, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.