Crypto liquidations hit $402M in one hour; ETH accounts for $140M

A sharp $402M liquidation burst in one hour, heavily skewed toward $377M of long liquidations, signals forced deleveraging and reduced risk appetite across crypto derivatives. ETH was the focal point with ~$140M liquidated, indicating higher near-term stress in ETH-linked positioning versus BTC (~$73M). Such liquidation cascades typically widen spreads, raise volatility, and can tighten exchange margin conditions in the short term.