Conclusion first: In the past four hours, SAND saw $25.5 million liquidated, with shorts making up 71%. Those chasing shorts haven’t even waited for the drop—they got cleared in batches first.
During this period, a total of 1,864 positions were liquidated. The amount isn’t record-breaking, but the number of trades is very dense, suggesting that leveraged positions with smaller sizes are entering and exiting repeatedly. Longs make up only 29%, so the dominant pressure is clearly on the short side.
In the past hour, $5.5 million was liquidated, with shorts accounting for 57%; the direction hasn’t reversed immediately. If you continue to chase shorts, first check whether short liquidations expand again; if the short ratio quickly drops, then be careful of a rebound.
$SAND $BTC
Do you think this SAND move is still short positions not squeezed yet, or is a rebound already on the way?
Check in real time: https://www.coinboss.com/liquidations