Current liquidation pressure on Bitcoin derivatives is quite intense. A mere 5% pump would trigger roughly $5.1 billion in short liquidations, while a 5% dump would wipe out approximately $3.23 billion in long positions. The market sits on a knife's edge—either direction carries significant tail risk for leveraged traders. This kind of imbalance often precedes volatile moves, so keeping tabs on these numbers matters if you're positioned in BTC.