Liq Rebound to $204.9M: Shorts Pay 80.6%, 1H 92% Shorts
Liquidations are climbing again. Over the past 24 hours, exchanges tracked $204.9 million in forced closures, and shorts carried most of the damage at 80.6% of the total. The move is accelerating, not fading. In the last hour alone $54.8 million was wiped, with 92% of it hitting short positions. That pattern shows up at every window: the 12-hour figure of $146.6 million means roughly $58 million was cleared in the first half of the day and about two and a half times that in the second half. Leverage is getting run over on the short side, and the pace is picking up.
ZEC leads, ETH and SOL follow the squeeze
ZEC still sits at the top of the liquidation board with $43.5 million in 24-hour closures, and 95.7% of those were shorts. ETH is next at $35.1 million with shorts at 93.1%, followed by BTC at $17.0 million (86.6% shorts) and ARB at $14.5 million. SOL rounds out the top five with $11.8 million, where shorts paid 95.5% of the bill. These are not isolated squeezes. When the top five coins all show short shares above 85%, it points to a broad repricing against bears rather than a single coin event. PUMP is the one real outlier in the other direction: longs absorbed $3.57 million of its $3.93 million total, a reminder that long-side damage still exists in pockets.
Liquidations by venue: who got hit hardest
Binance processed the largest dollar volume of liquidations at $80.9 million, with 77.8% on the short side. OKX followed at $50.7 million. The concentration gets sharper on smaller venues. Hyperliquid cleared $19.9 million and 89.8% of it was shorts, while Gate showed the most lopsided profile of the major exchanges at 90.7% shorts on $17.7 million. Bybit accounted for $21.3 million. Short positions built on venues with thinner order books get liquidated faster when price spikes, and the venue data lines up with that: the exchanges carrying the highest short share are the ones where a squeeze tends to cascade.
Why bears keep getting caught
The price context explains the pain. BTC is holding just above $80,000 at $80,010, up 0.6% on the day, and it has not given bears the breakdown they positioned for. ETH trades at $2,515, up 2.7%, and SOL at $106.5, up 4.7%. ZEC has been the sharpest mover at around $1,180, up 15.5% in 24 hours. Earlier in the day the market pulled back and flushed out long leverage, which reset funding and open interest. That reset removed the fuel for a long squeeze but left fresh shorts exposed when bids returned. With funding reset and shorts re-entering into strength, each push higher forces another round of buy-to-cover.
What to watch now
The one-hour window at 92% shorts is the signal to track. If the short share stays above 85% while BTC holds $80,000, squeeze momentum likely continues and ZEC-style moves can spread to ETH and SOL, which already show heavy short positioning. The flip risk is just as real. Long-side liquidation pockets like PUMP and ASTER show that leveraged longs are still in the market, and if BTC loses $80,000, those positions unwind fast and the 1-hour split can reverse within minutes. Watch funding rates and open interest on ETH and SOL for the first sign of crowd shift. A market that squeezes this hard usually pays for it in both directions before the day is done.
Data as of 13:40 Beijing time on September 6, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.