Crypto Liquidation Rankings: $308.3M Hit and QNT Up 48.3%
The derivatives leaderboard shows a market being forcefully reset rather than moving in one clean direction: $308.3M in 24-hour liquidations hit crypto futures, with longs accounting for $190.8M and shorts $117.5M. Liquidation pressure concentrated in large-cap contracts, even as the gainers list remained aggressive, led by READY at +71.3% and QNT at +48.3%.
Liquidation leaderboard
1. Bitcoin — $70.4M. Bitcoin led the coin ranking, with $41.0M in long liquidations versus $29.4M in shorts. The imbalance points to a long-side flush, but the presence of $29.4M in short losses shows that the move also produced sharp upside squeezes.
2. Ethereum — $57.0M. Ethereum saw the largest long-heavy wipeout among the leaders: $45.2M of longs were liquidated against $11.8M of shorts. Its $4.6M largest recorded long liquidation at $2,644.98 underlines how quickly crowded leverage was removed.
3. QNT — $25.8M. QNT is the standout crossover name: its $17.5M in short liquidations exceeded $8.3M in longs, consistent with its powerful futures rally. The 14,971 liquidation count was also the highest among the listed coins, suggesting broad participation rather than one isolated position.
4. SOL — $24.6M. Solana posted a near-balanced liquidation split, with $11.5M in longs and $13.1M in shorts. That balance makes SOL less a one-sided capitulation story and more a high-turnover battleground during the move.
5. XRP — $15.3M. XRP recorded $9.2M in long liquidations and $6.1M in shorts. The largest single XRP event was a $3.4M short liquidation at $1.5421, showing that upside volatility still punished sellers despite the broader long liquidation lead.
Gainers with leverage behind them
READY topped the 24-hour futures gainers at $0.005624, up 71.3% on $2.7M in volume. EACC followed at $0.009408, up 67.5%, but its $896.6K volume was much smaller, making the move less liquid than the headline percentage suggests.
QNT deserves more attention than the two micro-priced leaders because its rally came with $8.3B in futures volume, according to the ranking feed, and its $256.17 price gained 48.3%. The combination of heavy turnover, large short liquidations and strong performance makes QNT the clearest momentum-and-squeeze name on the board.
GPSOL rose 40.5% to $0.004780 on $900.7K in volume, while GP gained 32.3% to $0.004590 on $810.2K. Both delivered sizable percentage moves, but their comparatively modest turnover makes them more vulnerable to sharp reversals than QNT.
Losers and stress pockets
JINQIAN was the session's most severe loser, falling 73.6% to $0.000870 on $1.8M in volume. APH dropped 47.6% to $82.82 on $1.0M, while CME lost 40.3% to $0.000303 on $1.1M. These declines were large, but their volumes were far below the market's major contracts, so they represent concentrated instrument-level stress rather than the main systemic liquidation channel.
NEARKAT fell 39.6% to $0.007260 on $1.1M, and AGRIPPA declined 38.7% to $0.00003471 on $1.2M. The shared pattern is a steep price shock without the broad turnover seen in QNT, which argues for treating these as liquidity-sensitive collapses rather than direct signals for the wider market.
The wider backdrop is still supportive for altcoins: the 90-day altseason index reached 78, with 39 of 50 sampled coins outperforming, while Bitcoin's 90-day change stood at 42.3%. Yet total futures open interest remained high at $128.3B and the market's fear-and-greed reading was 74, so the rally is carrying meaningful positioning risk.
Verdict
The ranking favors a selective bullish bias, led by QNT while it holds $256.17 and while its $8.3B futures turnover does not collapse alongside rising liquidations. For Bitcoin, the key reference levels are the current $83,324.31 index price, the near-term options max-pain levels at $84,000 and $85,000, and the $83,000 level for the Oct. 2 expiry. The view is invalidated if Bitcoin loses $83,000 while total open interest stays near $128.3B, or if QNT falls below $256.17 as short liquidations fade and long liquidations accelerate.
Data as of 12:05 Beijing time on Sep 28, covering Binance, OKX, Bybit and other major venues.