Brothers, check out the 24-hour liquidation heat data. This round of the market is a typical concentrated liquidation of long positions.
In the past 24 hours, the total network liquidation reached 468 million U, with long position liquidations at 430 million U, accounting for 91.8% of the total liquidation volume, while short position liquidations were only 38.275 million U. The disparity between long and short liquidations is huge, with the market mainly focused on targeted clearing of long positions.
By coin, BTC is the core of this liquidation event, with a total liquidation amount of 139 million U, 96.8% of which are long positions; ETH follows closely with 82.8357 million U liquidated, 89.2% of which are long positions. ZEC, SNDK, SOXL, and other coins also saw considerable long liquidations, indicating that this round of correction is a cross-coin long deleveraging, not an isolated event for a single coin.
The largest single liquidation occurred on Binance BTC, with a single liquidation size of 11.7772 million U, where large leveraged long positions were decisively liquidated.
From the market logic perspective, the earlier rebound fueled bullish sentiment, leading many traders to open leveraged long positions at relatively high levels, accumulating a large amount of long position chips above. This round of decline triggered a chain of forced liquidations, further pushing prices down and creating a negative feedback loop. $BTC$ETH$ZEC
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