Midnight NIGHT down 21% as long liquidations outpace shorts 109x

Midnight [ $NIGHT ] is down roughly 16% in 24 hours, pushing its two-day drawdown past 21%. The slide lands as the broader crypto market teeters on the edge of a sub-$2 trillion valuation, down from above $2.50 trillion at the start of the week. Eroding confidence across the ecosystem, fresh liquidations, and a wave of retail selling piled onto $NIGHT's decline. So—are long traders finally throwing in the towel?

According to CoinGlass, the data tells a pretty one-sided story: long liquidations ran 109x larger than those of bearish traders. Over 24 hours, $74K in longs got closed out while shorts barely managed $678 in losses. Zooming out, more than $170K in longs were wiped in just three days, compared with a modest $4K in sell-side liquidations over the same stretch. Long liquidations have been the headline act since the start of May.

The data suggests bulls are capitulating after handing the wheel to bears, who continue to drag $NIGHT's price lower. Buy-side liquidity got swept. On the charts, $NIGHT lost a slanting trendline support that had formed after a double bottom pattern near $0.03. Bulls defended this trendline until Midnight's price reached $0.042. Sellers then swept buy-side liquidity at $0.03882 and consolidated around that region. The trendline subsequently broke, and $NIGHT shed more than 21%—rendering the breakout above $0.03882, quite predictably, fake.

The indicators weren't exactly painting a bullish picture either. The Top Traders Long/Short Ratio for accounts on Binance slid from 2 to 1.29, hinting that larger holders were actively offloading $NIGHT. Meanwhile, the Chaikin Money Flow (CMF) dropped from 0.21 to negative 0.33 over four days—a textbook market-wide capital outflow.

All of which points to $NIGHT potentially sliding back to at least the $0.03 base that kicked off the previous rally, provided bulls fail to defend the $0.03188 level. The drop also reflects a notable lack of cohesion between holder cohorts. Small retail wallets—shrimp, crab, octopus, and fish—collectively dumped around 550K $ADA worth of $NIGHT. Meanwhile, the bigger fish—dolphins, sharks, and whales—bought up 2.232 million $ADA worth of the token. On the holder-count side, $NIGHT's on-chain holders crossed 75K, adding 1,000 in the past week. That dynamic hints the current drop could be short-term in nature, even with the broader market looking wobbly.

Final Summary: Midnight is down more than 16% in 24 hours as long liquidations spike and retail traders head for the exits. $NIGHT lost a key trendline support, top traders on Binance are selling, and capital outflows are accelerating.