As the price breaks through key levels, the derivatives market is experiencing an intense battle between long and short positions. Data shows that the total liquidation amount across the network in the past 24 hours reached 210 million USD. Structurally, long orders were liquidated for 129 million USD, while short orders were liquidated for 81.1769 million USD, with Ethereum's long and short liquidations amounting to 36.5895 million and 21.4726 million USD respectively.

This set of data clearly reveals the current state of market games: on one hand, the upward price breakthrough has liquidated a large number of short orders; on the other hand, the severe fluctuations have also caused some leveraged long orders to be washed out. The data showing over 80,000 people getting liquidated indicates that in a high-leverage environment, the choice of market direction comes with enormous risks and costs.