Aster, HTX Flush Longs as Binance, Bitget Squeeze Shorts
Liquidation skew is splitting along venue lines. Over the past 24 hours the market wiped $168.7M in total, and shorts paid 54.8% of that bill, a continuation of the squeeze that started Monday. But that average hides two venues doing the opposite. Aster and HTX both flushed mostly longs, standing alone against the short-heavy pattern on Binance and Bitget.
Aster and HTX Are the Only Long-Heavy Venues
Aster recorded $2.44M in liquidations, and longs made up 63.6% of it. HTX was similar, with $3.4M wiped and 60.3% of that coming from long positions. These are the only two exchanges in the top tier where the long side took most of the damage. Both are smaller venues by volume, but their client mix leans retail, and retail longs tend to cluster on the same side of the book. When the market pushed higher into resistance, those positions got cleaned out first.
Binance and Bitget Lead the Short Squeeze
On the other side of the split, Binance saw $74.4M in liquidations, about 44% of the network total, with shorts paying 55.6% of it. Bitget was the most short-heavy major, with 63.6% of its $9.9M coming from shorts. Hyperliquid ran 60.5% short, and Gate 59.3%. OKX sat near balance at 50.5% short on $43M, the closest to neutral of any major venue. The squeeze is real, but it is not uniform. It is concentrated where leveraged short positioning was heaviest.
ETH and ZEC Carry the Short Side at Coin Level
Breaking the same 24-hour window down by coin, ETH liquidations hit $44.8M and 62.5% of them were shorts. ZEC, which is up about 2.5% to $856, still saw 71.5% of its $5.07M in liquidations hit shorts, a sign that bearish positioning is stubborn even as price climbs. BTC accounted for $53.1M, near a 50/50 split at 53.6% short. The short side of the book is being squeezed hardest on ETH and ZEC, while BTC positioning looks more balanced.
What the Split Tells Us
The takeaway is that this is a positioning-driven rally, not a broad repricing. Shorts are being forced out on the majors, while long-heavy retail venues are still shedding leverage on the way up. That combination usually means the squeeze has room to run until funding turns meaningfully positive or price stalls into a resistance zone. For traders, the venue-level data matters more than the headline number right now: long liquidation clusters on Aster and HTX are the early warning if the tape turns, and short liquidation clusters on Binance and Bitget are the fuel for any further push.
Data as of 20:30 Beijing time on September 1, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, HTX, Aster and other major exchanges.