Over the past 24 hours, Bitcoin (BTC) has seen a large disparity in liquidations between long and short positions in the perpetual futures market. According to CoinGlass, total liquidations in derivatives on the major cryptocurrency during this period exceeded $4.82 million.

Of particular note is the uneven distribution of these liquidations, with 78% — or $3.76 million — coming from long positions. The collapse appears to be due to bullish investors trying to capitalize on a potential price spike.