Liq Fades to $435M: 12H Longs 87%, 4H Turns Short
Network-wide liquidations came to $434.9M over the past 24 hours, down roughly 28% from the $607M peak seen a day earlier. The total is still heavy, but the pace has clearly slowed: the first 12 hours of the window carried $341.4M, while the most recent four hours produced just $6.4M.
Long liquidations carried the 12-hour damage
Almost all of the recent pain landed on longs. In the 12-hour window, $295.6M in long positions were wiped against $45.9M in shorts, an 86.6% long share. Over the full 24 hours the split was $326.5M longs versus $108.4M shorts, roughly 75% long. Binance alone cleared $194.3M, or 44.7% of the total, followed by OKX at $73.4M, Hyperliquid at $56.1M and Bybit at $38.2M.
BTC and ETH accounted for most of it. BTC led with $140.7M in 24-hour forced closes, 87.8% of them longs, and ETH added $124.8M with a 75.6% long share, putting the two majors near 61% of the network figure. The biggest single print of the window was a $22.9M BTC long on Binance wiped near $79,070, with a $9.2M ETH long at $2,456 following seconds later in the same cascade.
The last four hours flipped short-heavy
Direction changed at the margin. In the most recent four hours, short positions worth $3.39M were cleared against $3.01M in longs, and the last hour skewed further, $985K in shorts versus $615K in longs. Absolute numbers are small, but the shift in mix is meaningful: it usually shows up once forced long selling has largely run its course and the leftover leverage is being tested on both sides.
ZEC squeezes shorts while the tape turns red
One name went the other way. ZEC traded near $1,018 even as BTC slipped to about $79.6K and ETH to $2,452, and its ledger flipped to the short side: $30.2M of the coin's $36.1M in 24-hour forced closes were shorts, roughly 84%. Binance and OKX both show ZEC up close to 8% on the day with a 24-hour low near $932, so late short entries against the rally are the ones being cleaned out. Single-name squeeze risk stays alive while the broad market works off long leverage.
What to watch next
Two signals decide whether this is a pause or a reset. First, whether BTC holds above the $78.6K low that triggered the biggest wipe; another break below it would likely bring a second wave of long flushing. Second, whether short-heavy hourly prints keep growing, which would point to fresh two-way positioning rather than one-sided pain. The read for traders is simple: the aggressive part of the flush looks done, and chasing either direction into thin liquidity right now carries poor risk-reward.
Data as of 08:20 Beijing time on September 5, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.