As of 8:12, the total liquidations across the network in the past 24 hours reached $329 million, with long positions accounting for $308 million or 93.7%, and short positions only $20.72 million, indicating a flip in the market.
ETH dropped 3.8% to 2382, with liquidations totaling $88.86 million, longs making up 90%. Binance funding rate is -0.0015%, OKX -0.0091%, turning negative as a passive effect after the decline, thinning the short counterparty.
BTC lost 83,000, currently at 81,246, down 3.6%. Liquidations reached $138.9 million, longs accounting for 97%, shorts almost unscathed. The "shorts cleaned out too thoroughly" safety cushion has been removed, longs become the fuel, and the liquidation density of longs below 81,000 is thicker than shorts above.
SOL's positive news failed to hold. Alpenglow was activated on October 21, with final latency compressed to 150 milliseconds, but SOL failed to hold 108, dropping 3.56%, liquidations at $10.32 million, longs accounting for 94%. Early runners retreated, leveraged longs became the main liquidation force, "selling the fact."
Greed index at 64, the excess hasn't been squeezed out. BTC long-short ratio is 0.82, ETH spot ETF net outflow of $103 million, funds haven't returned, 64 seems more like emotional inertia rather than a signal of new capital.
The judgment has changed. Shorts were just cleared last night, chasing longs is risky; now longs have just been liquidated, chasing shorts isn't cheap either. No new catalyst for SOL's positive news, ETH funding rates turned negative, short crowding increased. The knife has switched sides, the new side is also risky—chasing shorts bets on continued collapse, bottom fishing bets on a V-shaped rebound, both are zero-sum games. First, see if 81,000 can hold, then decide which side to take.
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