In the past 24 hours, cryptocurrency markets experienced over $118 million in forced liquidations of perpetual futures contracts, with long positions bearing the brunt of the losses. Data from major derivatives exchanges shows that Bitcoin (BTC) liquidations totaled $61.87 million, with 62.27% from long positions, equating to over $38.5 million. Ethereum (ETH) saw $40.92 million in liquidations, with a significant 73.78% from long positions, amounting to approximately $30.2 million. Solana (SOL) followed suit with $15.58 million in liquidations, 55.5% of which were long positions. These liquidation events highlight a market under pressure, where leveraged traders betting on price increases faced severe tests. The dominance of long liquidations suggests a period of price decline or volatility, triggering stop-loss orders on bullish positions. While the total liquidation amount is substantial, it remains modest compared to historical events, indicating a controlled deleveraging rather than a market panic. Such events are crucial for understanding market sentiment and the health of leverage in crypto derivatives markets.