The liquidation situation in the crypto market over the past 24 hours is quite noteworthy. According to on-chain data, the total liquidation amount across the network has reached $73.9955 million, with long positions liquidated at $43.4223 million and short positions at $30.5732 million.

What is hidden behind these figures? The scale of long position liquidations clearly exceeds that of short positions by as much as $12.85 million, indicating that during the recent market decline, bullish traders suffered the most losses. What does this phenomenon usually suggest—have the longs been significantly stopped out, and could the market face further selling pressure?

Even more concerning is that the largest single liquidation occurred in the altcoin sector. This often signals panic sentiment. While mainstream coins like BTC and ETH remain relatively stable, large liquidations of smaller tokens can trigger chain reactions, intensifying the overall market panic.

For holders of risk assets like SOL, this signal warrants serious attention—market risk appetite is clearly declining.