Over the past two weeks, the total liquidation in the crypto market has exceeded $9.71 billion. Of that, short positions account for about $6.55 billion, while long positions are about $3.16 billion—effectively, both longs and shorts have repeatedly been pinned to the ground and dragged through the mud by the market.
In other words, the trend isn’t a one-way takeover that wipes out one side; it’s a repeated harvest amid big swings: when prices rise, shorts get concentrated and wiped out in mass liquidations, and when prices pull back, longs are also cleared by a large margin. The direction isn’t especially clear, but what remains consistent is that there’s still a huge amount of leverage piled up in the system.
More subtly, the Fear & Greed Index is currently at 69, which places it in the “Greed” range. After a liquidation event of this scale on both sides, sentiment is still relatively optimistic. This suggests that a lot of capital is treating this round as a routine shuffle rather than a risk signal.
Under this kind of high-leverage, overheated sentiment structure, once there’s an adjustment to tokenomics on the project side—or geopolitical uncertainty like the Strait of Hormuz—the probability of amplified volatility increases. Going forward, what matters isn’t just price, but whether leverage has actually come down.
In other words, the trend isn’t a one-way takeover that wipes out one side; it’s a repeated harvest amid big swings: when prices rise, shorts get concentrated and wiped out in mass liquidations, and when prices pull back, longs are also cleared by a large margin. The direction isn’t especially clear, but what remains consistent is that there’s still a huge amount of leverage piled up in the system.
More subtly, the Fear & Greed Index is currently at 69, which places it in the “Greed” range. After a liquidation event of this scale on both sides, sentiment is still relatively optimistic. This suggests that a lot of capital is treating this round as a routine shuffle rather than a risk signal.
Under this kind of high-leverage, overheated sentiment structure, once there’s an adjustment to tokenomics on the project side—or geopolitical uncertainty like the Strait of Hormuz—the probability of amplified volatility increases. Going forward, what matters isn’t just price, but whether leverage has actually come down.
