Over $800 million in margin calls occurred within 24 hours, dealing a devastating blow to bullish investors.

According to the latest data from Coinglass, as reported by Odaily Planet Daily, the total liquidation amount in the global cryptocurrency futures market reached $805 million in the past day, with 173,757 investors forced to liquidate their positions.

Data shows that the recent wave of margin calls was mainly concentrated on long positions, with long positions amounting to $667 million, accounting for the vast majority of the total margin calls, while short positions amounted to $139 million.

Bitcoin (BTC) liquidations reached $434 million, while ETH (ETH) liquidations totaled $165 million. Market observers believe that the sudden selling pressure is likely the main reason for the rapid market decline and the resulting chain of liquidations.

It is worth noting that the largest single liquidation occurred on the BTC-USD trading pair on the Hyperliquid platform, worth a staggering $21.3759 million, demonstrating that even whales could not escape the disaster.