Recently, the market has been quite restless. According to on-chain data, the total liquidation volume across the entire network has reached $196 million — this number indicates how many are betting against the trend.

Specifically, longs were caught off guard, with liquidations totaling $95.33 million; shorts didn't fare much better, with $101 million in liquidations. Both sides are feeling the pain.

On Bitcoin, long liquidations amounted to $25.36 million, and short liquidations reached $37.16 million. Looking at these ratios, shorts were hit harder. The situation with Ethereum is similar, with long liquidations at $24.21 million and short liquidations at $24.34 million, roughly a 50/50 split.

Even more heartbreaking, in the past 24 hours, 77,855 traders were directly liquidated. The largest liquidation occurred on a major derivatives platform, on the BTCUSDT trading pair, with a single liquidation of $2.0135 million. Such a scale of liquidation could trigger a chain reaction, stirring up market turbulence.