In the past 24 hours, the total liquidation volume across the network has surpassed $182 million, with long positions accounting for the majority.

What is hidden behind this set of data? From on-chain performance, a large number of traders holding leveraged long positions have experienced forced liquidations, which usually indicates that the market is under significant downward pressure. When such large-scale liquidations occur, they often trigger a chain reaction—liquidated positions turn into selling pressure in the market, further dampening bullish sentiment among investors.

Mainstream cryptocurrencies like Aave, Bitcoin, and Ethereum are all unable to remain unaffected. In this situation, short-term market sentiment is prone to falling into a panic cycle: decline → liquidation → selling pressure → further decline. For holders, this period requires extra caution; risk management and position control are more important than ever.