Over the past hour, cryptocurrency futures exchanges witnessed an intense liquidation event, with approximately $81.68 million (around 120 billion won) worth of futures positions being closed. This dramatic liquidation event was largely driven by long positions, with an estimated 99.03% ($80.89 million or 1.186 billion won) of the liquidations attributed to forced closures of long positions. The market has reacted negatively to this news, with Bitcoin (BTC) experiencing a drop of 3.78% and currently trading at $95,644, as reported by CoinMarketCap. This significant liquidation of long positions indicates a shift in market sentiment, potentially signaling a correction or a prolonged downturn. Traders and investors are advised to exercise caution and closely monitor market developments.

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