The same rise, different liquidations: What is the essential difference between this mini bull market and February 2024?

Bitcoin just returned to 80k, haven't seen this number in three months.

But guess what?

Hourly liquidations reached $106 million, with shorts accounting for $104 million.

Same rise to 80k, in February 2024, the longs were "lucky to survive," today’s longs are "sitting there watching shorts jump off buildings."

What does this indicate?

February 2024: The market was highly divided, both sides fighting each other, no one dared to say they would win.

May 2026: Shorts are still stubbornly throwing money.

Do you think the market has already formed a "consensus bullish expectation"?

Wrong.

If everyone was truly bullish, there wouldn’t be a $80k liquidation.

The truth is—shorts are not giving up.

Some just refuse to believe in evil.

Some think $80k is the top.

Some think "it’s risen too much, a correction is coming."

And then?

Then they become fuel.

Another detail:

Largest single liquidation—$11.77 million.

Guess which coin?

Not Bitcoin.

It’s Ethereum.

This matches the data from August 2025: Ethereum’s liquidation volume has repeatedly exceeded Bitcoin’s.

What does this mean?

Speculative focus is shifting.

In the past, everyone said "contract betting on BTC," now ETH is quietly taking the lead as the "casino’s top card."

More volatile, crazier leverage, more exciting to liquidate.

Bitcoin is responsible for stability,

Ethereum for excitement,

Shorts for death.

Today’s market structure is completely different from February 2024.

2024 is a chaotic period—long and short fighting each other, no one has a good day.

2026 is a trend period—longs dominate, shorts stubbornly throw money, long positions are very stable.