In the past 24 hours, volatility in the contract market has re-emerged. According to on-chain data, the total liquidation amount across the network reached $167 million, with long positions liquidated at $99.79 million and short positions at $67.24 million — this balanced liquidation pattern reflects how deep the disagreements among market participants are.

Looking at mainstream cryptocurrencies, Bitcoin saw long positions liquidated at $99.67 million, with short liquidations reaching $23.04 million. Ethereum's situation is similar, with long liquidations at $17.29 million and short liquidations at $14.39 million. Both directions are bleeding, indicating that traders betting on both longs and shorts haven't gained an advantage.

The most shocking case is an extreme example. In the past 24 hours, a total of 70,946 people worldwide faced liquidation, with the largest single liquidation occurring on Hyperliquid's BTC-USD contract, where one order was wiped out by $2.52 million. Such massive liquidation events are not uncommon in high-leverage markets, but each one serves as a reminder to traders: leverage is a double-edged sword.