A massive liquidation wave has erupted in the crypto market within 24 hours! A total of $168 million in positions were liquidated, with long positions accounting for the majority ($111 million) and shorting only at $57.28 million. This drop is clearly the long positions holders taking a hit.

The worst situation is with ASTER-USD on Hyperliquid, where a single liquidation amount reached 15.1 million USD. One can only imagine the mindset of that individual. A total of 93,500 traders have been liquidated across the entire network.

What does this asymmetric liquidation data (long positions liquidated are nearly twice that of shorting) usually indicate? Either the market has encountered a sudden negative event, or retail investors with excessively high contract leverage are holding firm. As always, this is why risk control is always the top priority.