Liq Flip: Longs Paid 95.8% of $36.8M 1H Wipe as BTC Fades

Liquidation flow just flipped to longs

Liquidation flow turned in the last hour. Data for the rolling hour shows $36.8 million in total wipes, and $35.24 million of that, 95.8%, was long positions. Only $1.55 million came from shorts. The shift matters because the previous hourly window was the opposite: a short squeeze where bears were paying almost everything, and 24-hour tallies still show shorts carrying the day at $170.1 million versus $94.2 million for longs.

What changed is that the squeeze ran out of room. BTC hit $80.2K earlier and could not hold it, sliding back to $79,522 on Binance and $79,523 on OKX at the time of writing, down about 0.2% on the day. ETH peaked at $2,523 before rolling over to $2,476.7 and $2,476.6 on the two venues, still up 0.8% over 24 hours. Momentum traders who piled in late are the ones getting cleared now.

Binance led the long wipe with fresh positions

The largest single liquidations in the recent window came from Binance, and they look like leverage added during the push higher. A 750 ETH long was wiped for about $1.84 million, a 600 ETH long for $1.48 million, and a 17.16 BTC long for $1.36 million, all clustered in the same minute near 22:32 Beijing time. Earlier in the day it was Hyperliquid and Gate that showed up in the largest list with short positions being squeezed; the venue mix flipped along with the direction.

Binance also accounted for the biggest share of the hourly damage overall. Its 24-hour liquidation total sits at $105.1 million, ahead of OKX at $66.3 million, Bybit at $27.7 million and Gate at $23.9 million. Hyperliquid has $22.7 million despite a much smaller base of traders, a reminder that its book runs concentrated.

Open interest is drifting, funding still positive

Neither side is adding fresh exposure aggressively. BTC open interest is down 1.41% over 24 hours to $43.52 billion, with OKX cutting 1.93% and Hyperliquid 4.13%, while Binance only trimmed 0.5%. ETH open interest is up 0.49% to $25.04 billion on the day, though the 4-hour picture is negative at most venues, including -1.54% at Binance and -1.14% at Hyperliquid. The short squeeze added leverage, and the pullback is now taking some of it back out.

Funding rates stay positive, which is the tell. BTC funding is about 0.0026% per 8 hours on an open-interest weighted basis and ETH about 0.0069%, so longs are still paying shorts a small fee. That means the crowded side of the book remains long even after this hourly flush, and if the price keeps sliding, the next few hours can produce another long-heavy wipe.

What to watch next

The setup is a two-sided tape: shorts were punished for most of the day, and now late longs are paying. For traders the question is whether BTC holds the $79.1K to $79.2K area, its 24-hour low band on both Binance and OKX. A break below that with funding still positive sets up a deeper long flush. A bounce that reclaims $80K would signal the squeeze crowd is back in control. Either way, position sizes are modest relative to the wipe totals, so no panic unwind is showing yet.

Data as of 23:20 Beijing time on September 6, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.