Sharp price volatility triggered widespread forced liquidations. Data shows that in the past 24 hours, the total amount of liquidations across the entire network reached $677 million, affecting over 190,000 people. Among them, long positions liquidated amount to $583 million, while shorts account for $94.34 million, indicating that leveraged longs suffered particularly heavy losses.

Specifically for Ethereum, long liquidations totaled $176 million, far exceeding the $36.22 million in shorts. Some whale users with high leverage long positions were partially liquidated, while another whale holding over 20,000 ETH has unrealized losses exceeding $6.24 million. Analysts warn that if ETH price drops below $3000, the liquidation strength of long positions accumulated on mainstream exchanges could reach $865 million, potentially triggering a chain of liquidity risks.