In just one hour, Bitcoin (BTC) experienced a sudden brutal liquidation event. The total liquidations hit $32.31 million. Of that, $31.03 million came from long positions and only $1.29 million from shorts - a difference of over 3,100% favoring one side, according to CoinGlass.

This liquidation occurred as part of a larger trend on the cryptocurrency market. Over the past 24 hours, $483.01 million worth of positions were liquidated across assets, including $255.37 million from long positions and $227.64 million from short positions. While the imbalance was less extreme throughout the day, it still reflected a market with a stronger bullish bias.

Bitcoin had the most liquidations, followed by Ethereum (ETH) with $19.36 million. Altcoins, including XRP, Solana (SOL) and Dogecoin (DOGE), saw $3.35 million, $2.71 million and $1.73 million, respectively.

Though the magnitude of liquidations was big, price action remained largely subdued as BTC briefly surged above $104,800 before pulling back below $103,000. So, the retracement was not severe, but it triggered stop-losses and margin calls across leveraged long positions, especially in an overexposed market.

The one-hour liquidation window stood out: $78.45 million in long liquidations versus $7.23 million in shorts. This 10-to-1 ratio, concentrated within a short time frame, suggests cascading forced selling rather than widespread market panic and spot selling.

The largest liquidation was a $7.5 million BTC/USD position on Bybit. To conclude, the data reflects a reset in market leverage conditions rather than a breakdown in market structure.