The liquidation map shows that if #BTC breaks through $115,000, the cumulative short liquidation intensity of mainstream CEX will reach $7.978 billion. Conversely, if #比特币 falls below $102,000, the cumulative long liquidation intensity of mainstream #CEX will reach $10.576 billion.

According to CoinAnk data, the current liquidation threshold in the Bitcoin market has significantly increased, reflecting a simultaneous rise in market leverage and price volatility. The current data compared to earlier data (e.g., in January 2025, breaking $104,000 corresponded to a short position of $538 million, and in March 2025, breaking $88,000 corresponded to a short position of $842 million) shows that the current liquidation scale is experiencing exponential growth, indicating that market risk exposure continues to expand.

Liquidation intensity is not the actual amount pending liquidation but reflects the potential severity of liquidity shocks when prices reach key levels. High-intensity short liquidations may trigger a 'short squeeze,' accelerating price increases; conversely, long liquidations may trigger panic selling, creating a negative feedback loop. It is noteworthy that the current long liquidation intensity ($10.576 billion) far exceeds that of shorts ($7.978 billion), suggesting that there is a dense accumulation of long positions in the $102,000 to $115,000 range, concentrating the risk of price declines.

This market structure may stem from institutional investors' strong expectations for breaking historical highs, but high leverage operations have also intensified systemic risks. Researchers recommend paying attention to liquidity exhaustion risks after price thresholds are breached and the amplification effect of cross-exchange position distribution on liquidation waves. Current data highlights that Bitcoin is transitioning from an asset volatility phase to a high-leverage gambling phase, and market participants should be wary of nonlinear fluctuations under extreme market conditions.