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After Ethereum successfully broke through the $3,100 resistance level yesterday, the market experienced intense volatility today, triggering a large-scale liquidation. Data shows that in the past 24 hours, the total liquidation across the network reached $296 million, with over 99,000 traders liquidated. This liquidation exhibited clear characteristics of a "short squeeze":
Heavy losses for shorts: Short liquidations amounted to $239 million, far exceeding the $56.47 million in long liquidations. ETH was the hardest hit: Ethereum's short liquidations accounted for $86.58 million, while longs were only $8.84 million. This indicates that the upward price breakout forced a large number of short positions to be closed.
Market fluctuations amplified after the breakout, highlighting the risks of leverage in derivatives. The largest single liquidation occurred on the Hyperliquid platform for the ETH-USD trading pair, valued at $18.75 million.