QuantorityLongs took 79% of a $692M liquidation day, led by $363M in BTC
The last 24 hours flushed $546.9M of long positions against $145.3M of shorts — one of the most one-sided washouts of the summer.
News
- 24h liquidations: $546.9M in longs vs $145.3M in shorts across tracked venues
- BTC dominated the flush — $362.8M in longs against $28.4M in shorts (92.7% long-side)
- Post-flush BTC leverage risk reads just 9/100 — the books are cleaner now
Live now, updated continuously — figures cited in the article are as of Jul 25, 2026.
The last 24 hours produced one of the most lopsided liquidation sessions of the summer: $692.2M in forced closures across the venues Quantority tracks, and 79% of it came from the long side. Longs lost $546.9M; shorts, just $145.3M.
The numbers
The long/short split was skewed almost everywhere, but the concentration in Bitcoin stands out:
- Total 24h liquidations: $546.9M longs vs $145.3M shorts
- BTC: $362.8M in long liquidations against $28.4M in shorts — 92.7% one-sided
- ZEC: $31.0M longs vs $2.6M shorts
- ETH: $23.9M longs vs $6.5M shorts
- TAO: $7.7M in longs against under a thousand dollars in shorts — effectively a 100% long wipe
When four of the five most-liquidated markets flush more than 80% longs, the story is positioning, not news.
Where the pain concentrated
Bitcoin accounted for over half of the entire day's forced closures on its own. That is not because BTC moved the most — it is because BTC carries the deepest derivatives market, $16.14B in open interest, and the widest tier of leveraged longs sitting under the price. A dip that a spot holder barely notices is enough to knock out the most aggressive tier of that stack.
The tail of the list is stranger: ZEC's flush was outsized relative to its market, and TAO's was essentially all-long — the kind of print that appears when a thin market drops through a shelf of stops with nothing on the other side.
The cleanup after the flush
Forced closures remove leverage, and the risk board shows it. BTC's leverage-risk score now reads 9/100, ETH's 13/100, XRP's 3/100 — the calm end of the scale. The crowded optimism that funded this liquidation day has been cleared out, at the longs' expense.
What it means
A one-sided flush is the market's tax on crowding, collected in a single session. The overstretched tier paid it; what remains is a cleaner, lower-leverage board. The number to watch from here is how quickly long open interest rebuilds — a fast, funding-hot rebuild would mean the same crowd is queuing up to pay the tax again.
*Analysis generated from Quantority's live cross-exchange data pipeline. Descriptive market data, not a trade recommendation.*
How these markets are trading
Live Quantority data| Coin | Funding APR | Open interest | OI 24h | Risk |
|---|---|---|---|---|
| BTC | +1.11% | $14.94B | -6.2% | 17 |
 ETH | +3.77% | $10.20B | -2.7% | 5 |
 ZEC | +8.45% | $353.42M | +186.6% | 39 |
Cross-exchange perpetuals data, updated continuously. Tap a coin for the full breakdown.
FAQ
Why do long liquidations cluster like this?
Leveraged longs concentrate their liquidation prices in the same zone below the market. When price dips into that zone, the first forced sells push price into the next tier of liquidations, and the closures feed each other — which is why the damage skews so heavily to one side.
Is a big liquidation day bearish?
It is backward-looking: it records leverage that already existed being removed. Markets often trade calmer afterward because the crowded side has been cleared — the leverage-risk scores after a flush are usually lower, not higher.
Live odds on Bitcoin, Ethereum and macro — sourced from Polymarket and ranked by volume.
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Mei-Lin leads Quantority's derivatives research, focusing on perpetual funding regimes, basis term structure and open-interest dynamics across major venues. She previously built futures analytics at an institutional market-data desk.
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Original Quantority reporting and analysis, combining publicly available information with our own cross-exchange derivatives data. Informational only, not financial advice.