The past day has been a "bloodbath" in the crypto world. According to the latest statistics from Coinglass, in just 24 hours, the entire network experienced a massive liquidation of $79.6333 million, including $56.9574 million in long positions and $22.6759 million in short positions.

Looking at specific cryptocurrencies, both longs and shorts in Bitcoin fared poorly — $1.9121 million in longs liquidated and $819,700 in shorts. The situation is even worse for Ethereum, with $3.4221 million in longs and $733,400 in shorts liquidated, hitting the bulls particularly hard.

The most shocking figure is: a total of 60,541 accounts were forcibly liquidated within this day. The largest single liquidation occurred on the Hyperliquid exchange for the FARTCOIN-USD trading pair, with a loss of $1,463,700 in one go. Such numbers inevitably raise questions: was it due to overly aggressive leverage, or did the market turn around too quickly?