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In the past 24 hours, the cryptocurrency derivatives market has experienced intense volatility. According to on-chain data, a total of $554 million in liquidation events occurred across the network — including $285 million in long positions and $269 million in short positions. On Bitcoin, longs were liquidated for $104 million, and shorts for $97.49 million. The situation is even more interesting for Ethereum, with $95.08 million in long liquidations and $107 million in short liquidations, indicating significant short pressure. The most unfortunate is that 138,770 traders were liquidated within 24 hours, with the largest single liquidation happening on the Hyperliquid exchange ETH-USD trading pair, amounting to $40.22 million. Market volatility is indeed testing everyone's risk management awareness.