In this wave of panic selling, the bulls were clearly pressed to the ground and rubbed raw, with over 4.71 million longs liquidated in just over an hour, while shorts only lost 750k, the gap is obvious.

The core reason is not simply "chasing longs" as everyone says, but rather that the bulls collectively piled into high positions, only to be precisely harvested by the main players with a counterattack.

When Bitcoin surged, crypto enthusiasts followed the trend and increased leverage, but when resistance appeared and a correction began, leveraged long positions were instantly forced to liquidate, causing a chain reaction of liquidations that amplified the downward momentum, which in turn accelerated the price drop, creating a "longs killing longs" stampede.

In simple terms, the main players are watching the traders chasing longs, using a wave of counter-manipulation to wipe out these highly leveraged longs in one go.

Looking at the 24-hour period, the liquidations of longs and shorts are nearly equal, indicating that those chasing longs at high levels were washed out, and those holding shorts at low levels didn't escape either. Only those who timed it right avoided being caught in this double-sided slaughter. #BTC