In the past 24 hours, the cryptocurrency market experienced intense volatility, triggering widespread forced liquidations. Data shows that the total amount of liquidations across the network reached $274 million. Notably, there was a "short squeeze" in the market, with Ethereum's short liquidations reaching $63.92 million, far exceeding its long liquidations of $20.57 million. This indicates that during the price fluctuations, a large number of short sellers were forced to close their positions.

Market analysis suggests that this liquidation structure may have resulted from a rapid rebound in prices after testing key support levels. The intense volatility also affected a large number of traders, with over 92,000 liquidated. The largest single liquidation occurred on the Hyperliquid platform for the ETH-USD trading pair, valued at $9.64 million. This highlights the significant risks present in the current high-leverage environment.