#美国贸易赤字状况 Recently, this wave of liquidation data has actually exposed the true state of the current market quite clearly.

In the past 24 hours, the total liquidation across the entire network reached $62.77 million, but a closer look at the distribution of directions reveals an interesting pattern — longs were wiped out by $39.07 million, and shorts also lost $23.7 million. What does this indicate? It’s not simply a one-sided sell-off, but rather a tug-of-war in a high-range zone, using volatility to repeatedly harvest participants.

Many people see the bullish trend, go all-in on longs at the bottom, only to be brainwashed back and forth; shorts didn’t get any advantage either, as a quick move triggers stop-losses.

Looking at the performance of mainstream coins makes it even clearer. The combined liquidation of $BTC longs and shorts is less than $3 million, and $ETH is only around $2.7 million. Participants in these top-tier coins are actually quite rational; the real bleeding is among those playing small altcoins and derivatives contracts with high leverage.

The most outrageous case: in the Hyperliquid trading pair, a single liquidation of FARTCOIN-USD reached $1.46 million.

The core issue is actually very simple — it’s not that the market itself is extremely fierce, but that the leverage multiples are pushed too high. Over 59,000 traders were liquidated in 24 hours, and the underlying logic boils down to four words: unclear direction, limited volatility, full leverage.

In such a market, if you really want to find a trading approach, don’t gamble blindly or chase rallies. The smartest move is to wait patiently until one side’s sentiment is completely washed out — that’s when the real trading opportunity appears.