The positive outcome of Trump's visit to China has been realized, with $165 million liquidated across the entire network in the past 4 hours, mainly long positions.

On May 13, according to Coinglass data, $165 million was liquidated across the entire network in the past 4 hours, including $157 million from long positions and $7.74 million from short positions.
Over the past year, the market has experienced multiple instances of over $100 million concentrated liquidations within four hours, such as $440 million on June 13, 2025, and $494 million on June 22, 2025. These events typically indicate extreme short-term leverage sentiment and rapid clearing. The current liquidation scale of $165 million is comparable to the $131 million on May 15, 2025, and is not an isolated case. Notably, this long position liquidation accounts for as much as 95%, with short liquidations only at $7.74 million, showing that during market declines, short leverage was hardly touched. Unlike previous structures of both long and short positions being cleared, this suggests that the recent decline may be driven more by spot selling or non-leverage factors rather than a leverage-driven long-short liquidation cascade. $BTC
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