Cryptocurrency markets saw $585 million in liquidations in the past 24 hours, marking the first time in nearly a month and a half that short positions were liquidated more than long positions.

According to CoinGlass data, 129,160 people were liquidated in the past 24 hours, with a total liquidation amount of $585 million. Of this, $111 million were long positions liquidated and $474 million were short positions liquidated. The largest single liquidation occurred on the Hyperliquid BTC-USD trading pair, worth $10.4154 million. This marks the first time in nearly a month and a half that short position liquidations have exceeded long position liquidations.