🚨 In the past 24 hours, the entire network has experienced liquidations amounting to $417 million! Short sellers have become the biggest victims, with a comprehensive double kill of longs and shorts.

According to Coinglass data,

The market has been highly volatile in the past 24 hours, and the scale of liquidations has expanded again:

➡️ Total liquidations across the network: $417 million

➡️ Number of liquidated individuals: 115,668 people

🔥 Shorts have been hit the hardest: liquidations of $309 million

• Long liquidations: $108 million

• Short liquidations: $309 million (nearly 3 times the longs)

This wave of market movement presents a typical:

➡️ "Double kill" structure of either first smashing then pulling or first pulling then smashing.

Especially, the short sellers have encountered strong reverse market movements.

📊 Breakdown by major cryptocurrencies:

BTC (Bitcoin)

• Long liquidations: $29.4937 million

• Short liquidations: $134 million

→ Shorts have been collectively buried.

The rhythm of first killing longs and then liquidating shorts is very obvious.

ETH (Ethereum)

• Long liquidations: $30.0047 million

• Short liquidations: $104 million

The long-short structure of ETH is similar to that of BTC:

→ Shorts become the largest "blood bag."

💥 Largest single liquidation

• Occurred on HTX - BTC/USDT

• Amounting to $23.9894 million

This is the "liquidation king" of the past 24 hours.

🧠 Market sentiment interpretation

• Short liquidations far exceed long liquidations → indicating that the market rhythm leans towards "reverse slaughter."

• Large liquidations usually trigger high volatility windows.

• After the leveraged positions are washed out, the subsequent volatility may be healthier.

This, along with recent on-chain signals of a large influx of BTC and ETH into Coinbase Prime,

suggests that institutions are resetting positions and the market is cleaning up leverage.

📝 Summary in one sentence

In the past 24 hours, $417 million in liquidations occurred, with shorts being heavily harvested;

After the leveraged structure is cleaned up, market volatility may continue to expand.