$154 billion wiped out through liquidations across the year—that's a staggering figure. From January through December, the cascading liquidations reshaped positions across spot and derivatives markets. Whether it's long overleverage getting flushed during downturns or shorts getting squeezed on sudden rallies, the liquidation engine never sleeps. Massive respect to everyone documenting these on-chain metrics throughout the year. The data tells the real story behind price moves.