Liquidations Cool to $209M, Hourly Flip Now Hits Shorts
Liquidations cool to $209M, longs still pay the 24h bill
The liquidation tape went quiet over the past 24 hours. Across Binance, OKX, Bybit and other venues, $209 million in leveraged positions were wiped out, down sharply from the $294 million flushed a day earlier. Longs carried most of the damage at 65% of the total, roughly $135.7 million against $73.1 million in shorts.
Bitcoin led the way at $50.6 million with longs at 57%, followed by ETH at $70.8 million where 72% of the liquidated side was long. SOL added $10.7 million and XRP $9 million, with XRP longs taking 89% of that hit. The 24-hour frame still reads like a slow bleed for leveraged buyers, but the tape has been changing underneath.
The last hour flipped: shorts paid 82%
Zoom into the most recent 60 minutes and the picture inverts. The 1-hour window shows $4.16 million wiped out, with shorts paying 82% of it, about $3.41 million. That is a sharp reversal from the 12-hour and 24-hour frames, where longs were the ones being cleared.
The trigger was a BTC bounce off the low. BTC dipped to $76,152 on Binance and $76,205 on OKX, then recovered to $77,335, up about 0.6% on the day. Late shorts placed near the bottom of that move got caught as price snapped back. A $2.999 million short on Binance BTC-USDT was the second-largest wipeout in the window, forced out near $77,450.
Venue split: Binance and OKX still dominate the flow
Binance cleared $82.3 million over 24h, about 39% of the total, with longs at 60%. OKX followed at $57.1 million, where longs made up 68%. Bybit added $23.5 million, Gate $21.4 million, and Bitget $11.7 million.
What stands out is how few shorts are being run over at the larger venues over 24h, even while the latest hour shows them under pressure. That suggests the squeeze is fresh rather than part of a broader short unwind, and most of today's pain so far has been concentrated on leveraged longs.
Why this matters
Two readings are worth keeping. First, the drop in total volume from $294M to $209M points to leverage leaving the market rather than positioning building up again, which tends to make sudden squeezes shorter-lived. Second, the 1-hour short flush shows momentum players are still willing to press the downside on BTC and get caught on the recovery.
The largest single flush of the day remained an OKX ETH long for $3.54 million near $2,358. If longs keep paying at this rate while shorts only bleed on sharp bounces, the path of least resistance stays down until open interest rebuilds and funding turns meaningfully positive.
Data as of 02:46 Beijing time on September 3, covering Binance, OKX, Bybit, Gate, Bitget, Hyperliquid and other major exchanges.