Conclusion first: this round of squeeze is not the same as the few rounds earlier this morning. This time, for the first time, open interest rose in parallel.

In the past hour, liquidations across the whole network totaled $18.143 million, across 3,068 trades. Shorts account for $15.677 million, or 86.4%, which is the biggest single-hour liquidation of today. $ETH Liquidated $7.341 million (shorts $6.676 million), $BTC Liquidated $5.922 million (shorts $5.155 million). Combined, the two make up 73% of the total across the network.

The key difference is the open interest. Earlier this morning, in several rounds, the shorts were liquidated by several million, but open interest stayed basically unchanged—that means existing short positions were being gradually consumed, and once the liquidation was over, they were gone. This time is different: ETH open interest rose by +1.05% over the past 24 hours to 20.75 billion, BTC +0.26% to 41.14 billion, $HYPE +4.15% to 2.37 billion, XRP +2.82% to 2.13 billion. SOL and ZEC are also both positive. Prices move up in sync: BTC reached 63,385, and ETH reached 1,905.63. As shorts are cleared out, new positions are also being added—this is incremental, not just simple clearing.

HYPE is at its most extreme: in one hour it hit 816,000, with 145 trades all being short positions—no long positions at all. Even the open interest increased by 4.15%.

Meanwhile, this platform has also flipped. An hour ago, Hyperliquid was still the only place exploding with longs. Now it has 767,000 in shorts, with shorts accounting for 99.4%. Aster is even more extreme: 2.39 million with only 44 trades—average trade size is 54,000 USD. The whole network’s average is only 5,913 USD. What’s being pushed out isn’t retail—it’s large-position short trades.

But don’t rush to chase. Zoom out: over the last 12 hours there are 83.69 million in longs and they still make up 58.8%; over 24 hours there are 99.138 million in longs at 58%. The direction only got twisted over the last few hours. The mainstream fee rates are also still calm: ETH annualized 4.95%, BTC 5.32%, SOL 1.32%. There are no signs of long overcrowding. The opposite example is TIA: in one hour it exploded by 146,000—almost all are long positions, shorts are only 188 USD, and the fee rate annualized is -3.98%.

The Fear and Greed Index is still at 31, in the Fear zone, while the altcoin season index is 62. Shorts are still paying their debts, but longs haven’t taken control yet.

Do you think this move is the turning point of a reversal, or just another fakeout that makes people chase at higher prices?

#爆仓数据 #轧空 #持仓量 #long vs short battle

Check in real time: https://www.coinboss.com/liquidations