As of 8:12, the total liquidations across the network in the past 24 hours reached $329 million, with long positions accounting for $308 million or 93.7%, and short positions only $20.72 million, the momentum has shifted.
ETH dropped 3.8% to 2382, liquidations totaled $88.86 million, with longs making up 90%. Binance funding rate is -0.0015%, OKX -0.0091%, turning negative due to the decline, passive short chasing has thinned the opposing side.
BTC lost 83,000, currently at 81,246, down 3.6%. Liquidations reached $138.9 million, longs accounted for 97%, shorts barely affected. The "shorts cleaned out too thoroughly" safety cushion has been removed, longs are now the fuel, and the liquidation density of longs below 81,000 is thicker than shorts above.
SOL’s positive news failed to hold. Alpenglow was activated on October 21, with final latency compressed to 150 milliseconds, but SOL failed to hold 108, dropping 3.56%, liquidations at $10.32 million, longs making up 94%. Early runners retreated, leveraged longs became the main liquidation force, "selling the fact".
Greed index at 64, the excess hasn’t been squeezed out. BTC long-short ratio is 0.82, ETH spot ETF net outflow of $103 million, funds have not returned, 64 seems more like emotional inertia rather than a signal of new capital.
The judgment has changed. Shorts were just cleared last night, chasing longs is risky; now longs have just been liquidated, chasing shorts is not cheap either. No new catalyst for SOL’s positive news, ETH funding rates turned negative, short crowding increased. The momentum has shifted to the other side, the new side is also risky—chasing shorts bets on continued collapse, bottom fishing bets on a V-shaped rebound, both are battles for existing positions. First, see if 81,000 can hold, then decide which side to take.
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