NEAR is up 6% today, yet the ones being harvested are mainly long positions: in the past 24 hours, $7.8 million was liquidated, and 57% of it was long orders.
A move that dumps first and then pumps is the most damaging to leveraged traders. Within 24 hours, NEAR dropped as low as $3.92, and now it's back around $4.48—up more than 14% from the low. If a heavily leveraged long gets liquidated at $3.92, the principal is gone, and he won’t have a seat in the entire subsequent rebound.
Synchronized across the whole network, $575 million was liquidated, and 70% of it was shorts. The market is killing shorts, while NEAR is instead killing longs—the direction is reversed.
People holding spot positions steady made 6% today, but leveraged long traders might even end up at zero. Leverage amplification has never been about higher returns—it only increases the probability of being forced out in a shakeout.
It's only a little over 2% away from the intraday high of 4.59. Do you think NEAR can hold this move and stay steady?
Check in real time: https://www.coinboss.com/liquidations