BlockBeats News, December 26, according to Coinglass data, within 2025, the total nominal amount of forced liquidations across the entire network for both longs and shorts is approximately $150 billion, corresponding to an average daily leverage shuffle of about $4–5 billion. On the vast majority of trading days, the scale of long and short liquidations remains in the range of tens of millions to hundreds of millions of dollars, mainly reflecting daily margin adjustments and short-term position closures under high leverage environments, with limited medium- and long-term impact on prices and structure. The truly systemic pressure concentrates on a few extreme event windows, among which the deleveraging event from October 10 to October 11 in mid-October is the most typical.