The market volatility in the past 24 hours has indeed been quite intense. According to on-chain data, the total liquidation amount across the network has reached $252 million — reflecting how fierce the long and short battles among market participants have been.

Breaking it down, the longs have suffered the heaviest losses, with liquidations totaling $215 million, while the shorts are relatively better off, with $36.82 million in liquidations. The unequal scale of liquidations between longs and shorts usually indicates that leverage positions in one direction are under significant pressure.

The performance of the two major cryptocurrencies also reveals some clues: $BTC has approximately $61.38 million in liquidations, and $ETH has about $58.95 million. The liquidation scales of these two benchmark assets are similar and both sizable, indicating that this correction has a relatively broad impact.

This high-frequency, large-scale liquidation phenomenon often signals a rapid shift in market risk appetite. For traders, risk control and reasonable leverage allocation are always the top priorities.