The market is experiencing a typical "leverage liquidation cycle," with margin call data showing a clear acceleration in concentration.

Latest monitoring shows:
In the past 24 hours
Number of liquidations: 67,425 people
Total liquidation amount: $195 million
Long positions liquidated: $129 million
Short positions liquidated: $65.74 million
In the past 12 hours
Total liquidation amount: $149 million
Long positions account for a significantly higher proportion ($109 million)
In the past 4 hours
Total liquidation amount: $62.42 million
Long positions continue to dominate ($52.72 million)
In the past 1 hour
Total liquidation amount: $3M
Short positions briefly led ($2.08 million)
The largest single liquidation occurred on Hyperliquid, in the XYZ:CL-USD trading pair, with a scale of $6.51 million.
Structurally, this data release signals three key messages:
First, the liquidation focus is on long positions
Indicating that earlier leverage on the bullish side was high, and the market is actively deleveraging.
Second, liquidation density has increased over short cycles
The 12-hour and 4-hour data show significant amplification, meaning market volatility is intensifying.
Third, frequent long-short switching
In the last hour, short position liquidations temporarily surpassed long positions, indicating the market is in a rapid, repetitive liquidity sweep phase.
Essentially, this is not a one-sided trend but a typical "long and short double kill liquidation structure."
In this environment, the core driver of price is no longer the trend, but—
Who gets liquidated first.
Follow me for continuous updates on the liquidation map and changes in market liquidity structure.
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