The market in the past 4 hours has been truly breathtaking—total liquidation amount across the entire network reached $475 million. Among them, short positions were heavily targeted, with liquidations amounting to $429 million, while long liquidations were relatively few, only $45 million.

Specifically, for mainstream cryptocurrencies: Bitcoin liquidations reached $218 million, Ethereum liquidations reached $175 million, accounting for the majority.

Many people thought the market suddenly turned around, but in reality? The problem was not there. The initial direction judgment was wrong from the start, and all subsequent operations naturally became pawns in the harvest. This round of clearing out speaks with data—the expected adjustment has finally arrived.