Looking at this wave of liquidation data, it basically reflects the true state of the current market.

In the past 24 hours, the entire network experienced liquidations totaling $62.77 million. Seems like a lot, right? But what's more interesting is the structure — long positions were wiped out even more: $39.07 million in longs liquidated, and $23.70 million in shorts. What does this indicate? It’s not a one-sided sell-off, but rather a repeated tug-of-war at high levels, with frantic accumulation emotions.

Many people once thought the market was about to take off, only to get caught in heavy long positions and be shaken out repeatedly; shorts weren’t comfortable either, as rebounds were quickly cut off by stop-losses. Both sides are trapped.

Looking at the performance of mainstream coins: the total liquidations of BTC longs and shorts are less than $3 million, and ETH is just over $2.7 million. Mainstream assets are actually quite restrained; the truly tragic ones are small-cap coins and contract traders with high leverage. The most outrageous is FARTCOIN-USD on Hyperliquid, with a single liquidation of $1.46 million — that’s how much one order can be.

What’s the essence? Unclear direction, low volatility, but maximum leverage. In 24 hours, 59,316 people were liquidated — the numbers say everything.

What is this kind of market most suitable for? Not all-in, not chasing rallies, but patiently waiting for one side’s sentiment to be thoroughly washed out, then re-strategizing.