The amorphous nature of metallic glasses and their mechanical properties make them interesting for structural applications. However, the interplay between the nature of atomic structures in metallic glasses and mechanical properties remains poorly understood. In this study, high-frequency dynamic micropillar tests have been used to probe both atomic clusters and flow defects in metallic glasses. We show that loosely bonded atomistic free-volume zones that are enveloped elastically by tightly bonded atomic clusters show a deformation character similar to supercooled liquids. At room temperature, the effective viscosity of these free-volume zones is of the order of 1 x 10(8) Pa s before the occurrence of shear banding. The confined liquid-like deformation of free-volume zones leads to significant mechanical hysteresis in micropillars under dynamic loading, providing important insight into how atomistic structural features affect the deformation behaviours in metallic glasses in the apparent elastic regime. The inelastic behaviour also serves as the basis for the superior damping resistance of metallic glasses.