Crypto derivatives markets saw $1.26 billion in liquidations over the past 24 hours as Bitcoin plunged approximately 5.9%. According to CoinGlass data, long positions accounted for 88.6% of total forced closures, indicating that leveraged bulls bore the brunt of the downturn. The significant wipeout underscores the risks of high leverage during sharp price corrections, with nearly $1.12 billion evaporating from long bets alone.