What happened in the market in the past 24 hours? The liquidation data provides the answer — a total of $61.104 million in positions have been liquidated across the network, a scale that clearly indicates the intensity of the market movement.

First, let's look at the distribution of liquidations between longs and shorts. Longs were liquidated for $37.953 million, while shorts were liquidated for $23.147 million. This comparison clearly illustrates the situation: long traders lost more than twice the amount of short traders. Proportionally, longs accounted for approximately 62.1% of the liquidation losses, while shorts only accounted for 37.9%. The implication is straightforward — either the market was rapidly clearing high-position longs during a sharp decline, or a V-shaped movement that first rose then fell shook out the chasing bulls. In any case, the phenomenon of long liquidation surpassing short liquidation is prominent.

Next, let's examine the performance of specific cryptocurrencies. Ethereum's liquidation reached $3.823 million, the highest among all mainstream coins. ETH contracts experienced significant price fluctuations on this day, and the scale of liquidation proves that volatility was considerable. Bitcoin's liquidation was $2.901 million. As the leading coin, BTC's volatility is relatively milder, but this liquidation amount also indicates that the market is not calm. Compared to Ethereum, which experienced more intense fluctuations and attracted more contract funds, Bitcoin's movements were more subdued, yet the liquidation still signals active trading and market stress.

From the market sentiment perspective, long liquidations far exceeded short liquidations, exemplifying a classic long-liquidation scenario. This reflects two possible situations: first, a short-term shift in market sentiment toward pessimism, with bullish traders being forced out; second, downward pressure on prices, with high-position traders cutting losses. Regardless of the cause, it indicates that the market has recently been cautious or even bearish. This may offer some reference for the upcoming trend — at least showing that bullish enthusiasm is being cooled down.