Yesterday's 24-hour crypto market experienced a fierce volatility that served as a harsh lesson for everyone. The total liquidation amount across the entire network reached $209 million, with nearly 90,000 traders ruthlessly forced out during this intense price fluctuation. This war behind the screens, in essence, is the collision of market rules, leverage traps, and human greed.

**What does the liquidation data tell us?**

Let's look at the numbers first. This time, the shorts suffered greatly—$151 million in short liquidations, which is 2.6 times more than the long liquidations ($57.9 million). Focusing on Bitcoin, short liquidations reached $60.05 million, nearly 7 times the long liquidations ($8.92 million); Ethereum was similar, with $29.84 million in short liquidations compared to just $6.22 million in longs, a 4.8 times difference.

What do these asymmetric figures imply? It’s simple—over the past 24 hours, the market experienced a sudden and fierce short squeeze. Prices surged rapidly in a short period, causing those betting on a decline to find their margins instantly insufficient. The system directly enforced forced liquidations, leaving no room for negotiation.

**Why did it blow up like this?**

Several factors combined to create this scene:

First, the abuse of leverage. High leverage trading is rampant in crypto markets—50x, 100x, or even more extreme leverage is common. It’s like dancing on the edge of a cliff; a slight shake could result in astronomical losses. The largest single liquidation (a $2.95 million order on ETHUSDT) was likely a victim of this high-leverage environment.

Second, the superimposed effect of market trends. When multiple positive factors or market sentiments erupt simultaneously, the price can rise much faster than expected. Short sellers simply couldn’t react in time; before they could adjust their positions, they were already forced out.