Daily USD value of BTC perpetual futures positions forcibly closed by exchanges, split into long and short liquidations, collected in real time from Binance's public liquidation feed.

Large liquidation spikes cluster around sharp price moves: a burst of long liquidations accelerates a sell-off (forced selling), while a burst of short liquidations accelerates a rally (forced buying, a "short squeeze"). Persistently one-sided liquidations can also signal that leverage has become crowded on one side of the market.