The cryptocurrency market experienced significant liquidations totaling $248 million over the past 24 hours, according to Coinglass data. Long positions were hit hardest, with $203 million liquidated, compared to $45.1 million in short positions. Bitcoin long liquidations amounted to $53 million, while shorts were $14.6 million. Ethereum saw $78.8 million in long liquidations and $8.1 million in shorts. A total of 89,221 traders were liquidated globally, with the largest single liquidation on Hyperliquid's XYZ:SP500-USD at $9.3 million.