At 3 a.m., the market finally calmed down. Bitcoin struggled to stabilize around $77,900, and the Fear & Greed Index dropped to 34. This past weekend, many people's positions and moods were both suffocated.
Data is more real than any comfort. In the past 24 hours, $91.35 million worth of liquidations occurred across the network, with over 40,000 people liquidated, the vast majority being long positions. Especially in the last hour, $4.3 million in liquidations happened, with longs accounting for $4.05 million and shorts only $240,000; the bulls were almost completely crushed.
Looking at these numbers is quite painful: $8.03 million in long liquidations over 4 hours, $23.36 million over 12 hours, indicating that the late-night sell-off precisely shattered the leveraged long positions' defenses. The largest single liquidation occurred on Hyperliquid-XPL, valued at $1.68 million. More notably, the biggest pain points for shorts are at BTC $78,794, only 1.2% above the current price; and Ethereum at $2,291, just 1.25% away. This means that if the main force pushes up slightly, a large number of shorts will be instantly squeezed.
At this stage of the market, panic hasn't dissipated, but the market is no longer in a one-sided sell-off. What many fear most now is not the drop, but getting cut right before dawn. After leverage is cleaned out, the market often sees a real turnaround. Right now, it's not about who is the bravest, but who can stay calm amid the early morning volatility and not hand over their chips in despair. #美联储官员释放加息信号，12月预期仍存分歧
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