Crypto Liquidation Rankings: $260.8M Wiped Out in 24 Hours

The derivatives market cleared $260.8 million in liquidation volume over the past 24 hours, and the imbalance was distinctly bearish for leveraged shorts: $154.5 million of short positions were closed versus $106.3 million of longs. The coin leaderboard shows where that stress concentrated, while the futures movers list reveals a sharp split between speculative breakouts and deep reversals.

ETH and BTC dominate the liquidation leaderboard

Ethereum ranked first with $60.5 million liquidated, almost evenly divided between $29.1 million in longs and $31.3 million in shorts. That balance suggests two-way volatility rather than a single-direction flush; the largest recorded ETH liquidation was a $4.4 million short at $2,777.40.

Bitcoin followed with $56.5 million, but its $38.8 million in short liquidations were more than twice the $17.7 million in longs. The largest BTC event was a $3.3 million short at $86,755.20, close to the current options index of $86,694.63, showing that upside momentum has been forcing crowded bearish positions out.

ZEC was third at $26.8 million, with shorts contributing $24.0 million. The concentration is notable because ZEC has gained 286.6% over the 90-day sample, making it a clear momentum name where late shorts faced unusually high squeeze risk. XRP posted $14.8 million, split between $6.7 million in longs and $8.1 million in shorts, while SOL reached $9.2 million with a near-even $4.4 million long versus $4.8 million short split.

Secondary names show squeeze and rotation risk

MUBARAK generated $7.8 million in liquidations, including $5.5 million in shorts, while its futures price gained 71.9% and turnover reached $1.7 billion. That combination marks it as the clearest crowded-momentum trade in the ranking. DOGE recorded $7.4 million, but longs made up $4.4 million, consistent with a more fragile long-side chase despite a 38.6% 90-day gain.

NEAR saw $6.6 million liquidated, with $4.3 million in longs, even though its 90-day performance was 140.6%. UNI was more short-heavy at $6.5 million total, including $4.6 million in shorts, and its 271.5% 90-day gain helps explain why bearish positioning was vulnerable. BCH added $5.6 million, with $4.1 million in shorts, while its futures price climbed 28.3% to $340.44 on $2.2 billion of volume.

Biggest futures winners and losers

CARDS was the standout winner, rising 325.2% to $0.1773 on $3.7 million in volume. OTC gained 122.1% to $0.01165, but its $1.1 million turnover was far smaller, making the move less liquid. BIKETYSON advanced 81.4% to $0.002559 on $1.1 million, while MUBARAK combined its 71.9% rally with exceptional $1.7 billion turnover. 4STOCK rose 67.6% to $0.0174 on $42.8 million, giving the move more market participation than the smaller speculative leaders.

At the other end, JINQIAN plunged 73.6% to $0.00087 on $1.8 million. APH lost 47.6% to $82.82, while ALLINU dropped 45.4% to $0.00897. ENFLAMESTOCK fell 34.7% to $37.618, and MHA declined 29.8% to $0.03836. ONE also deserves attention: it dropped 25.6% to $0.0030062 on $433.1 million, while its separate liquidation total reached $6.5 million, linking heavy turnover to meaningful forced positioning.

Verdict: The near-term bias remains cautiously bullish for BTC while it holds $86,000, with $86,694.63 as the current reference and $75,000 as the key options max-pain level for Sep 25; options open interest stands at $43.9 billion. ETH should be judged against the $2,724.44 liquidation zone and the $2,777.40 squeeze level. The bullish view is invalidated if BTC loses $75,000 while total open interest remains elevated near $135.4 billion, or if ETH breaks below $2,724.44 with fresh long liquidations. Data as of 12:05 Beijing time on Sep 23, covering Binance, OKX, Bybit and other major venues.