In the past 24 hours, the cryptocurrency market has experienced significant volatility, triggering large-scale liquidations. Data shows that the total amount of liquidations across the network reached $274 million. Notably, a 'short squeeze' occurred in the market, with the liquidation amount for Ethereum shorts reaching $63.92 million, far exceeding the $20.57 million liquidation amount for longs. This indicates that a large number of short sellers were forced to close their positions during the price fluctuations.

Market analysis suggests that this liquidation structure may stem from a rapid rebound after the price tested key support levels. The extreme volatility has also affected a large number of traders, with over 92,000 being liquidated, including the largest single liquidation occurring in the ETH-USD trading pair on the Hyperliquid platform, valued at $9.64 million. This highlights the significant risks in the current high-leverage environment.