Woofun AI reports that a significant deleveraging event swept through the cryptocurrency derivatives market, triggering over $169 million in forced closures across major perpetual futures contracts for Ethereum, Bitcoin, and Solana within a 24-hour window.

The aggregate liquidation volume reached $169 million, with Ethereum accounting for the largest share at $78.31 million. Long positions comprised 63.35% of this specific asset’s liquidations, indicating that a majority of traders were betting on price increases that failed to materialize.

Bitcoin followed closely with $72.64 million in total liquidations, where longs represented 58.62% of the volume. Solana exhibited the most extreme directional bias, as 84.4% of its $18.98 million in liquidations originated from long positions, highlighting severe vulnerability on the bullish side.

Woofun AI data shows that while these figures are contained compared to larger deleveraging events in 2024 and early 2025, the concentration of long-side losses suggests overly bullish short-term sentiment. The cascading effect of these closures amplified downward pressure, though spot prices remained relatively stable near key support or resistance zones.

These liquidation estimates, derived from major exchanges, exclude off-exchange or OTC derivative positions and may vary slightly across different data providers. The event underscores the persistent risks of leveraged trading, emphasizing the need for rigorous risk management and monitoring of funding rates and open interest during periods of market uncertainty.