$383 million in crypto longs liquidated in 24 hours

Leveraged bulls took the brunt of forced selling across crypto derivatives markets over the past day Crypto traders who borrowed to bet on higher prices had a rough day. Over the past 24 hours, $383 million in long positions were liquidated across the crypto market. A long position is a bet that an asset’s price will rise. In derivatives markets, traders often amplify those bets with borrowed money, putting up a slice of collateral to control a much larger position. Once losses eat through a trader’s collateral, the exchange automatically closes the trade. That forced exit is a liquidation. The trader’s margin is gone, and the platform sells the position into the market to protect itself. The $383 million figure covers long positions only.

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