In a sudden surge of market volatility, over $460 million in crypto positions were liquidated within just one hour. The majority of these losses ($439 million) stemmed from long positions as short positions saw a comparatively smaller impact, totaling just $20 million. This extreme price movement triggered cascading sell-offs across major exchanges due to automated margin calls and liquidations, showcasing the inherent risks involved in leveraged trading. While some traders were caught off guard by the rapid market decline, it highlights a heightened risk for those engaging in leveraged trading strategies that amplify gains but also expose them to substantial losses.