Bitcoin longs absorb the worst of a $1.49 billion crypto liquidation day

Crypto traders lost $1.49 billion to forced liquidations over the past 24 hours, according to Coinglass data. Bullish bets on Bitcoin took the heaviest blow, with most losses concentrated on one side of the market. One major token moved against the sell-off and left short sellers on the losing end, but the overall picture is a leveraged long flush that traders should watch for further downside pressure.