Kraken's settlement with the U.S. Securities and Exchange Commission over its liquid staking platform spurred a market decline, with the impact felt most by futures traders betting on further growth.

Long trades, or bets on higher prices, took 90% of the $220 million in liquidations on crypto futures trading over the past 24 hours as bitcoin (BTC) and ether (ETH) fell nearly 5%. Bitcoin and ether futures cumulatively saw $100 million in liquidations, while futures tracking dogecoin (DOGE), solana (SOL), XRP (XRP) and aptos (APT) took on $4 million in liquidations apiece.

(By Shaurya Malwa)