If Bitcoin breaks through $92,000, the cumulative 557 million short positions in mainstream CEX clearing is not unexpected. Looking back at the breakthrough of $110,000 in May this year, 260 million short positions were cleared, and the October crash triggered nearly 20 billion in liquidations. The crypto market has always been a "meat grinder" for leverage.

Behind this is the double-edged sword effect of high leverage; with 10x leverage, a 10% price movement can lead to liquidation. The most practical insight in trading is not to be greedy for high leverage, and to avoid going all in.

In the short term, breaking through key price levels may trigger a chain reaction of liquidations that push prices higher, but in the long term, it is still influenced by macro sentiment and capital flows, and volatility will be the norm.

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