$TUT sees $44M in liquidations, outpacing $BTC and $ETH

A token that literally started as a tutorial on how to launch tokens just taught leveraged traders an expensive lesson. TUT, the native token of the BNB Chain-based educational platform Tutorial, racked up more than $44 million in liquidations over the past 24 hours, according to Coinglass data, surpassing both Bitcoin and Ethereum in that metric. What happened to TUT The liquidation cascade followed a textbook volatility whipsaw. TUT surged more than 200% within a 24-hour window before reversing hard, cratering over 44% in a single hour. The initial rally likely drew in a wave of short sellers betting the spike was unsustainable. When the price kept climbing before it reversed, those short positions got squeezed first, contributing to approximately $34 million in futures liquidations that were predominantly on the short side, with over $32 million coming from bearish bets. Multiple individual short positions exceeding $1 million were wiped out during the reversal. The liquidations were concentrated on centralized exchanges like Binance and Bitget, where futures trading volume for TUT had spiked alongside the price action. By the time the dust settled, TUT was trading in a wide ran...