The total liquidation on the entire network reached 220 million USD! Currently, market liquidity is nearly exhausted; operate with extreme caution.

Just checked the total liquidation data, 24-hour total liquidation is 220 million USD, nearly 80k traders wiped out, with the largest single liquidation exceeding ten million USD. After reading this, I only have one feeling: the market liquidity is ridiculously poor right now.

Let's analyze the contrast in liquidation data:
In the short-term 1-hour and 4-hour periods, short positions liquidate far more than long positions, with a sharp decline causing a large amount of short-selling funds to be forced out; extending to 12 hours, long and short liquidations are nearly balanced; over a 24-hour cycle, the trend reverses, with long liquidations reaching 120 million USD, far exceeding short liquidations of 91.45 million USD, indicating that the overall trend initially rises, trapping many retail traders chasing longs, then drops sharply to double-sided harvest.

From the chart, it’s clear that market fluctuations are pulse-like, with a single spike causing massive liquidation columns, without smooth transitions. Essentially, this reflects severe market liquidity shortages, with sparse order book entries, where small amounts of funds can easily manipulate the price—either smashing or lifting the market—and any slight abnormal movement triggers chain reactions of liquidation.

How terrifying is liquidity exhaustion:

1. No support for spikes: No buffer for rises or falls, stop-losses are easily slipped by a few points, and it’s impossible to find counterpart orders to close positions; once a reverse trend occurs, there’s no time to stop loss, leading to forced liquidation.
2. Normalized double-sided harvesting: Small capital, thin positions on both sides, major players can easily spike prices back and forth without much cost—initially triggering massive liquidations on shorts, then smashing longs; nearly 80k traders are washed out in 24 hours this way.
3. Large orders are easily trampled: The chart shows frequent large liquidations of over ten million USD; with slightly heavier positions, minor market reversals can cause margin calls without liquidity support, leaving no chance to reduce positions or escape.

Here are some practical reminders for contract traders:
① Absolutely avoid heavy leverage; in a market with poor liquidity, tolerance is extremely low—any slight reverse movement can cause instant liquidation.
② Don’t rely on short-term stop-losses blindly; slippage risk greatly increases, and high-frequency short-term trading is essentially giving away money.
③ Try to avoid small altcoins; mainstream BTC and ETH have relatively shallow order books, and altcoins’ liquidity is almost vacuum-like, with spike amplitudes doubling.
④ Prioritize watching; currently, the market lacks a stable trend, relying solely on price spikes to harvest, so don’t enter the market unless you have enough confidence to trade.

With 220 million USD in liquidations and nearly 80k traders leaving, the data is in front of us. The current market lacks sufficient liquidity to support stable trading, making it difficult to profit on both sides. Holding off and observing is the best strategy at this stage—don’t force your way through and risk losing your #Gate现货交易量增幅全球第一 principal for nothing.