Coinglass's live liquidation panel confirms what the 90-day chart hinted at: this is a short squeeze, and thin-liquidity tokens are eating the worst of it. $龙虾 leads with $210.62K in short liquidations against just $10.88K long. ZEC shows $137.87K shorts wiped, zero longs touched. ETH and ENA follow the same lean, shorts taking the bulk of the damage, just at smaller size given deeper liquidity. HNT is the outlier, longs took more damage there. The pattern lines up with the 90-day liquidation chart's August 20 spike, nearly $3B in single-day liquidations, almost entirely short-side, right as BTC broke out of its two-month range and ran 27% in a week. Shorts that had been quietly winning through months of chop got caught leaning the wrong way the moment price actually moved. Thin books amplify this. Low-cap and meme-adjacent names like 龙虾ⁿ and $ZEC show liquidation totals rivaling or exceeding ETH, not because more capital is at risk, but because shallow liquidity means smaller positions cascade harder. Worth flagging: this hourly snapshot isn't confirmed to be the same event as the August 20 spike, it could be a fresh, smaller squeeze happening independently. The mechanism is identical either way, crowded shorts getting run over as price extends, but treat it as a recurring pattern rather than one continuous event until there's a clean timestamp connecting them. $龙虾 #Macro Insights# #Altcoin Season#