According to BlockBeats, data from Coinglass reveals that the cryptocurrency market experienced significant liquidations over the past 24 hours, totaling $444 million. This substantial figure includes $259 million in long positions and $185 million in short positions.
The liquidation of long positions indicates that many traders were betting on the market's upward movement, but the market's volatility led to these positions being closed. On the other hand, the liquidation of short positions suggests that some traders anticipated a market decline, which did not materialize as expected.