Leverage liquidations cause altcoin prices to plummet, with long positions in major trading pairs shrinking significantly.

According to CoinWorld, altcoins have experienced large-scale liquidations, with losses exceeding $1.4 billion within 24 hours, of which long positions accounted for as much as $1.26 billion. Ethereum recently topped the liquidation amount with over $120 million, followed by Solana and XRP. This wave of liquidations was caused by coordinated leveraged position closures across major exchanges. The rapid sell-off intensified market volatility, but if selling pressure eases, this deleveraging may help stabilize the market in the short term.