The crypto market experienced a notable rebound today. Bitcoin broke through $97,924, while Ethereum rose above $3,403, with overall market sentiment recovering quickly. This rally has considerable momentum—liquidations across the entire network in the past 24 hours reached $684 million, with short position liquidations accounting for $577 million of that. Interestingly, this rally has triggered the largest-scale liquidation wave among the top 500 whales since the "10/11 crash." Market sentiment shifts often release rapidly through such extreme long-short hedging dynamics, and volatility may continue in the short term.