Weekend futures liquidation frenzy: ETH, SOL, DOGE have recently experienced increased declines, with $974 million in positions forcibly liquidated

The sharp fluctuations in the weekend futures market triggered a massive wave of position liquidations. In just 24 hours, nearly $1 billion in long positions were forcibly closed in the crypto market, with Ethereum, Solana, and Dogecoin leading the declines, each dropping over 7%. This chain reaction triggered by weekend futures not only impacted mainstream coins but also affected many high-beta altcoins.

According to data from Coinglass, this round of liquidations showed a highly unbalanced pattern—long positions experienced collective stop-outs, while short liquidations were relatively mild. This reflects that traders, after weeks of range-bound oscillation, had accumulated large positions in the same direction, making the weekend futures more vulnerable to volatility.

How Major Coins Are Under Pressure from Weekend Futures Shocks

Ethereum was hit hardest, with approximately $385 million in liquidations over 24 hours, accounting for the largest share. As the second-largest cryptocurrency, its price faces broad risk aversion pressure, currently quoted at $1,970, down 0.44% in 24 hours. Bitcoin followed closely, with about $188 million in liquidations, currently trading near $67,240, down 1.22% over the same period.

Solana and Ripple each experienced over $45 million in liquidations. SOL is now at $83.19, down 1.73%; XRP is at $1.36, down 0.44%. Dogecoin also was not spared, with a current price of $0.09, down 1.44%. Additionally, dozens of smaller tokens were affected, with over 240,000 traders forced to close positions.

Mechanical Adjustments Driven by Low Liquidity on Weekends

The deeper reason behind this wave of liquidations lies in the unique environment of weekend futures trading. Liquidity during weekends is far less than on weekdays, and market depth is relatively shallow. When leveraged positions hit stop-loss levels, exchange liquidation engines are quickly activated, causing a chain of forced liquidations. This process is more of an automated technical execution rather than a full reflection of market panic.

Unusual liquidations of tokenized commodities also confirm this. Silver contracts experienced rare large drops, reflecting that weekend futures not only impact native crypto assets but also serve as rapid channels for macro trading. This indicates that crypto exchanges are increasingly being used as efficient trading platforms during periods of stress.

Market Direction Depends on the Speed of Leverage Rebuilding

From price trends, Bitcoin has fallen below $80,000, and Ethereum has broken key short-term support, with altcoins experiencing more severe declines. However, this downward move appears more like a technical correction triggered by weekend futures rather than a panic crash.

The market’s real turning point will depend on how quickly leverage positions are rebuilt. Once liquidity in the weekend futures market recovers and traders resume accumulating positions, a rebound could quickly begin. Conversely, if new bearish signals emerge, further declines could be possible. At this critical moment, the re-pricing of risk appetite will be the key factor in determining the market’s direction.