Do you know what it means to be "precisely liquidated"? $ETH

Last night in this ETH move, there was a whale named sat0shi777, who was essentially called out by the market.
He had roughly $90 million worth of ETH short positions, originally a classic case of "heavy bearish bet". $ALLO $STAR
But when the price surged, it triggered liquidation in a very short time:
Around 31.6k ETH were force-liquidated by the system, worth over $50 million, with losses directly hitting over $31.6k.
And at that time, ETH had just barely reached around $1,700.
But the story wasn't over.
He still had about $38 million in short positions that hadn't been wiped out, with the liquidation line around $1,764.
Where is the price now? $1,710.
In other words, only a very narrow gap remains.
The structure of this ETH rebound is actually very clear:
It wasn't purely bullish news, nor a trend reversal, but a reverse squeeze caused by an excessively crowded short side.
After several consecutive quarters of decline, everyone's short expectation was too consistent—basically all betting on "it will break down further".
Then when the nonfarm payroll data came out, the macro sentiment slightly eased, and prices directly rode the momentum upward.
Once it went up, the dense leverage zones above started to have issues.
The rally you saw was partly squeezed out by the shorts.
The current market state is simple:
It's not one-sided long, nor one-sided short—it's longs and shorts both waiting for the other side to die first.
Two key levels:
$1,764 — the last defense line for shorts
$1,650 — the key support for this rebound
In between, it's purely a battleground.
One sentence summary:
This is not a bull market, nor a bear market rally—it's leverage liquidating each other.
Whoever can't hold on gets out first.
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