Over $852 million in crypto positions hit the liquidation wall in just 24 hours. The breakdown tells the story: $787 million came from long positions getting flushed out, leaving traders scrambling to cover losses.

This wasn't random market noise either. When this much leverage unwinds this quickly, you're looking at real cascading forced selling. Stop-losses trigger, positions close at market prices, and the selling pressure compounds. Longs get hit the hardest because they're betting on price going up—when it doesn't, they're the first casualties.

What's worth watching: whether this is a one-time squeeze or the start of a bigger deleveraging cycle. The sheer volume suggests serious overstretching in the market beforehand. These kinds of liquidation events tend to create volatility spikes, reset sentiment, and sometimes set up the next move higher once the dust settles.

For margin traders, the lesson stays the same—leverage magnifies both gains and losses. A 5% price move becomes catastrophic when you're 10x or 20x long with borrowed capital.