Tracking the $NIGHT on-chain data reveals that the recent large fluctuations were indeed caused by Spot Get Liquidated. The scale of a single liquidation was about 1.5 million NIGHT, which is equivalent to 0.9% of the circulating supply. From the on-chain data, the top ten Holdings' share dropped from 135.7% to 134%, which basically matches the scale of this liquidation.

What is more worth noting is the current market structure— the top ten still maintain a high proportion of 135%, while the borrowing volume is as high as 35%. This combination does pose risks. There have already been signs of phased selling in the market, but considering the existing leverage exposure and borrowing pressure, there may still be risk events triggered in the future. Ultimately, who is hedging the market and who is accumulating positions, this situation is evolving.