The cryptocurrency market experienced significant volatility in the past 24 hours, resulting in over $264.94 million in liquidations, according to Coinglass. This affected 119,551 traders.

USDT dominated centralized exchange inflows, reaching $553 million. Conversely, Bitcoin saw net outflows of $221 million despite its price exceeding $95,000.

Bitcoin accounted for the largest share of liquidations at $82.49 million, followed by substantial losses in Ethereum, Solana, and Dogecoin. The largest single liquidation was a staggering $12.46 million on a BTCUSDT pair at Binance.

Short sellers were disproportionately affected by the market's sudden upward price movement. Of the total liquidations, approximately $179.25 million—more than double the $86 million in long positions—came from short positions. This indicates that the rapid price increase caught many bearish traders unprepared.

Bitcoin's price surge, exceeding $95,000 after trading below $93,600, contributed to this dramatic shift. The price subsequently retraced slightly to $94,631, representing a 0.93% increase.

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