Over $9.6 billion in cryptocurrency trading positions were liquidated across various exchanges as a brutal market correction swept the crypto space. The sell-off was largely driven by Bitcoin, Ethereum, and Solana experiencing significant drops in value, with over 1.52 million traders facing forced liquidation. Bitcoin led this wave of losses, contributing $2.49 billion to the total liquidation amount followed closely by Ethereum ($2.25 billion). Solana and XRP also saw steep price declines, with over $824.5 million and $501 million in losses being recorded. 1.16 billion dollars in forced liquidations came from other altcoins during this period. During the most volatile 4-hour stretch, total liquidations surpassed $8.67 billion, with a majority of those losses ($7.26 billion) stemming from long positions as traders bet on a market rebound that ultimately failed to materialize. Short positions contributed an additional $1.42 billion in losses, suggesting that both short and long positions faced significant price drops amid the tumultuous period. Across the entire 24-hour span, over $8.02 billion in long positions were liquidated compared to $1.56 billion in shorts, highlighting the heavy reliance on leverage during this downturn. A particularly notable instance involved a BTC-USDT order of $87.53 million on HTX (formerly Huobi), signifying a significant individual liquidation. Market analysts are now suggesting that this sell-off may signal a major liquidity withdrawal before the market stabilizes. The crypto volatility spiked across various assets, with Bitcoin briefly recovering some of its losses after the initial mass liquidation event. As the market tries to regain equilibrium, traders remain cautious in light of ongoing macroeconomic uncertainty and heightened correlation between digital assets and traditional financial markets.