Data compiled by Woofun AI shows that total network-wide liquidations surged to $369 million over the past 24 hours, driven primarily by aggressive short position closures. Short positions accounted for $294 million of the total, significantly outweighing the $74.6492 million in long liquidations, indicating a sharp downward price movement across key assets.

Bitcoin derivatives saw $127 million in short liquidations compared to $5.9479 million in longs, while Ethereum shorts totaled $73.2958 million against $14.2921 million in longs. This disparity highlights concentrated selling pressure on BTC and ETH, suggesting traders are rapidly unwinding bearish bets as volatility subsides or prices stabilize.