In the last 24 hours, $389 million (USD) in leveraged cryptocurrency futures positions were liquidated. The vast majority of them (85%) are specifically from traders who were positioned on the upside.

Bullish position liquidations as large as now (USD 332 million) have not been seen in more than three months, according to data explorer Coinglass. This comes in the face of the retreat in the price of bitcoin (BTC) from USD 44,000 to USD 42,000 that led the cryptocurrency market lower.
Such a picture shows that bitcoin's price drop took much of the market by surprise, which expected the coin to continue to rise. Prior to this pullback, over the past week, the BTC share price rose more than 15%, increasing the profits of its investors.
Bitcoin bullish liquidations accounted for 25% of the total and ether (ETH) liquidations accounted for a similar percentage of 20%. In this way, between them they collected almost half of all the losses that traders saw positioned on the upside.
It should be noted that liquidations mean the closing of a trader's positions when their margin account can no longer support their open positions due to significant losses or lack of sufficient funds to meet maintenance requirements. This is done automatically by the platform where you are located.
In this way, liquidations result in financial losses for traders. Therefore, it is critical for traders to manage their risk to avoid unforeseen situations.