Over the past 24 hours of liquidation data, the entire network has liquidated approximately 380 million to 500 million, with short positions accounting for the absolute majority——$BTC shorts alone were liquidated at 118 million, and $ETH was liquidated at roughly 169 million.

On the BTC side, the brightest spot on the heatmap is concentrated in the 75,000 to 76,000 range. When BTC touched 76,000, it immediately wiped out all the short orders in that area, because many people had their stop losses set in this zone, and ended up getting swept away by one move. Looking at the heatmap now, the "corpses" of shorts near 76,000 have been mostly cleaned up, but further up to 78,000, there's another layer of new short defensive positions stacked up. Looking downward, the 72,000 area is actually where long stop losses are, and if price drops here, it could trigger a cascade of liquidations.

On the ETH side, the most concentrated area on the heatmap is around 2,300 to 2,350. ETH's rally this wave is actually weaker than BTC's, but based on liquidation data, ETH's short liquidations over the past 24 hours are comparable to BTC's, and even exceeded BTC at one point. This indicates that some traders were betting that ETH wouldn't move up, aggressively shorting, but got swept out by the rebound.

Currently, there are quite a few short positions piled up in the 2,400 to 2,450 range above ETH; if price can reach that area, we could see another wave of short squeezes. Support below is around 2,250; if it breaks through here, long stop losses will also flood the market.

Although quite a few shorts have been liquidated these past two days, the funding rate hasn't become particularly exaggerated, indicating the market sentiment hasn't reached the stage of full-blown FOMO buying. Additionally, Bitcoin spot ETFs have continued to see inflows these past few days, with over 200 million dollars coming in yesterday, showing that institutions haven't taken this rally as an opportunity to exit; instead, they're accumulating on dips.

The short-term rally is somewhat "hollow"——it's being pushed up by liquidating shorts, not by genuine buying pressure. If price surges higher next, such as BTC to 77,000-78,000 or ETH above 2,400, it will encounter new short ambush zones above, and if volume doesn't keep up, it's easy to spike and pull back.

In terms of trading, chasing longs right now doesn't offer good risk-reward and is prone to catching falling knives; but going short directly won't work either, because shorts were just swept once and need time to recover. The best strategy is to wait——either wait for price to surge again but with declining volume, or wait for it to drop and stabilize near support on declining volume, then look for signals to act.

#比特币突破7.5万美元 $BTC ‌$ETH ‌