Over $3.7 billion in cryptocurrency long positions were liquidated in the past week as significant price declines triggered widespread sell-offs across exchanges. The downturn was primarily driven by falling prices in major cryptocurrencies such as Bitcoin and Ethereum, exacerbated by macroeconomic concerns and profit-taking. The rapid sell-off led to cascading liquidations, further depressing prices and resulting in billions of dollars being wiped out in a matter of days. This highlights the risks associated with market over-leverage, prompting traders to exercise caution and manage risk effectively in volatile market conditions.