On January 28, 2025, the cryptocurrency derivatives market experienced a significant mass liquidation event, totaling approximately $904 million in liquidations over the past 24 hours. This event was primarily driven by a sharp decline in Bitcoin and other major cryptocurrencies, with long contract holders facing the brunt of the losses.
Of the total liquidations, $811 million—nearly 90%—involved long positions, highlighting the bearish trend in the market. Bitcoin accounted for the largest share of these liquidations at $261 million, followed by Ethereum (ETH) at $113 million and Solana (SOL) at $39 million.
Despite this long squeeze, recent analytics from Glassnode indicate that the overall appetite for long positions among traders has not returned to levels seen during the previous market rally in late 2024. As of this morning, Bitcoin is trading at approximately $100,400, marking a decline of over 4% in the past week.