Zhipu futures rose by about 14 points in a day. On the TradFi side, short liquidations totaled about 253,000, while long liquidations came to only about 1,100—roughly 234.7 times more shorts than longs were liquidated.
Price comparison: ZHIPU was around 72.30 on Binance (+14.471%) and around 72.27 on OKX (+14.805%). Total futures open interest was about $26.7 million.
Prices are racing higher, but it’s the shorts getting blown out—one side is liquidated at more than 230 times the other. That doesn’t look like something wash trading between both sides could produce.
234 times versus 14 points—do you think this is a short squeeze triggering a cascade, or shorts collectively failing to hold on as prices rise?
View in real time: https://www.coinboss.com/tradfi-liquidations