The cryptocurrency market experienced a significant liquidation event, with $268 million liquidated in just one hour, according to Coinglass data. Long positions were hit hardest, accounting for $265 million of the total, while short positions saw $3.6 million in liquidations. Over the past 24 hours, 187,634 traders were liquidated globally, with the total liquidation amount reaching $617 million. The largest single liquidation occurred on Hyperliquid's BTC-USD pair, totaling $31.6 million.