A sharp wave of liquidations totaling more than $217 million hit the crypto market in the past 24 hours, led by long positions in Bitcoin and Ethereum. Analysts attributed the move to highly leveraged traders exiting amid thin liquidity. The downturn triggered cascading margin calls across derivatives exchanges. Despite the sell-off, spot prices remained relatively stable as institutional volumes absorbed excess volatility. Observers expect short-term uncertainty to persist until funding rates normalize and leveraged exposure resets across key trading pairs.