In the past 24 hours, the total contract liquidations across the entire network reached $167 million, with longs accounting for $118 million and shorts only $49.23 million. $BTC and $ETH are the main clearing points. This data seems more like a move to reduce leverage in the market. In the short term, watch whether the volatility can stabilize first, then see if funds will flow back into $BTC and $ETH .