In the past 24 hours, total contract liquidations across the entire network reached $115 million, with long positions accounting for the majority. This indicates that this wave of volatility has first shaken out the traders chasing the rally. $BTC and $ETH are both major liquidation targets, and the market is likely to continue fluctuating around leveraged positions in the short term. For $BTC , this isn't a particularly friendly signal, but at least some of the overheated positions have been cleared. $BTC $ETH