The cryptocurrency rally experienced a sharp local correction, triggering a wave of forced margin liquidations. Over shorter time frames, long liquidations exceeded short losses by more than 30 times, with an extreme hourly imbalance of 3,049% during the peak of the correction. Buyers (longs) lost $359.45 million out of total liquidations of $504.62 million, while bears accounted for $145.16 million. The largest margin call was a $10.04 million ETHUSDT long position on Binance. This unwinding coincided with a classic risk-off move in global markets, as Brent crude surged above $101 a barrel, diverting liquidity from digital assets.