$117M in crypto long positions liquidated in 24 hours as leveraged bulls get flushed

Crypto traders who bet on prices going up had a rough day. Roughly $117 million in long positions were liquidated across the market over a 24-hour window, according to figures circulating on X. Broader futures data from October 25 to 26, 2026, puts total liquidations, long and short combined, at between $117 million and $133 million. Long positions made up about 70% to 80% of that pile. That works out to approximately $80 million to $106 million in bullish bets forcibly closed, depending on which tally you trust. Where the damage landed Most of the carnage happened in perpetual futures. These are derivative contracts with no expiry date, which let traders hold a leveraged position for as long as they can afford to keep it open. Binance processed the biggest chunk of these forced closures. The exchange accounted for roughly 50% to 66% of total liquidation volume, which came to $73 million or more by some counts. Bybit and Gate also saw meaningful activity. The spread across several venues suggests this was a market-wide deleveraging, not a glitch or a problem at any single platform. Ethereum led the losses. Liquidated ETH positions ranged from $39 million to $54 million during the p...