There was an unusual signal in today's market: **liquidation amounts fell, but leverage sentiment showed no signs of cooling.**

Over the past 24 hours, $85.57 million in positions were liquidated across the market.

Long liquidations totaled $52.86 million, and short liquidations $32.71 million.

Compared with the billions in liquidations over the past few days, this round looks much milder.

Breaking it down by coin, BTC shorts were the ones taking a hit:

Bitcoin short liquidations totaled $9.716 million, while long liquidations came to just $3.87 million.

Shorts have only just been liquidated on BTC, while some longs on the other side are still holding on.

Take a closer look at SOL:

It is currently at $94.85, down 7.63% over 24 hours—one of the steepest declines among major coins.

But the long/short ratio reached **3.37**.

For comparison: BTC 2.74, ETH 2.84.

For every 1 short, there are 3.37 longs, making SOL the most crowded on the long side.

Even more unusually, as the price keeps falling, the long/short ratio continues to rise.

SOL’s long/short ratio was 3.00 four hours ago; it has now climbed to 3.37.

This isn’t proactive dip-buying; it’s doubling down after losses and refusing to cut losses.

Liquidations on SOL are still relatively small for now. Of the 100 liquidations in the past 80 minutes, $497,000 were long positions and $82,000 were short positions.

The most vulnerable longs have yet to be flushed out in a concentrated wave; the risk bomb is still buried in the market.