Roughly 267,370 traders were forced out of positions, with longs accounting for an overwhelming $1.56 billion, or nearly 93% of total liquidations. BTC alone saw about $780 million in liquidations, while ETH followed with more than $414 million, per liquidation heatmap data. Hyperliquid topped the list with $598 million in liquidations, over 94% of them long, reflecting how aggressively traders had leaned into upside bets. Heavy long liquidations often mark the clearing of speculative excess, resetting funding rates and open interest. That doesn’t mean a bottom is in — but it does mean weak hands are gone, and price action going forward is less distorted by forced flows.