The drastic fluctuations in prices have triggered large-scale forced liquidations. Data shows that in the past 24 hours, the total amount of liquidations across the network reached $677 million, affecting over 190,000 people. Among them, the long liquidation amounted to $583 million, while the short liquidation was $94.34 million, indicating particularly severe losses for leveraged longs.

Specifically, for Ethereum, the long liquidation amount was $176 million, far exceeding the short liquidation of $36.22 million. High-leverage long positions of giant whale users have been partially liquidated, while another whale with over 20,000 ETH has experienced an unrealized loss exceeding $6.24 million. Analysts warn that if the ETH price falls below $3,000, the liquidation intensity of long positions accumulated by mainstream exchanges could reach $865 million, potentially triggering a chain liquidity risk.