In the past hour, a wave of liquidations has swept through the crypto market. According to on-chain data platform CoinAnk, the total contract market across the entire network experienced over $600 million in massive liquidations. Among them, long positions were liquidated for $592 million, while short positions were only liquidated for $17.0135 million. Long liquidations accounted for 97% of the total, making them the main victims of this wave of market movement.

Looking at specific cryptocurrencies, Bitcoin's liquidation amount reached $152 million, and Ethereum's liquidation amount was $78.8187 million. The liquidation concentration for the two major cryptocurrencies is very high. According to PANews, this large-scale liquidation reflects a high level of crowded long positions in the market, and sharp fluctuations in a short period triggered chain reactions of liquidations.