#BTC再创新高 shows through calculations that the liquidation scale of shorts above far exceeds that of longs below—what does this mean?

To put it simply: if a fisherman finds that the density of fish upstream far exceeds that downstream, he will naturally choose to cast his net upstream. The exchange operates similarly; the potential gains from going long and harvesting shorts are evidently much higher.

Key price levels: The game of life and death

• Upper level 112800: The "life-and-death line" for shorts; once breached, it could trigger a chain reaction of liquidations.

• Lower level 106500: The "lifeline" for longs; if lost, it could trigger an avalanche of liquidations.

Real cases are fresh in memory: the terrifying moment last year when BTC plummeted from 28000 to 25000 is still vivid—this was precisely because it reached a densely packed liquidation area for longs, resulting in nearly 1 billion dollars in market value evaporating in just a few hours!

The "commercial nature" of exchanges

To put it bluntly: exchanges, being non-charitable institutions, will inevitably choose the direction that yields the best returns. Current data clearly shows that pushing up prices to harvest shorts is more "profitable" than crashing prices to liquidate longs.

Risk warning: Data is not an all-powerful key

But caution is necessary! The liquidation distribution map is merely a "market map" and definitely not an accurate "GPS navigation". Large funds can completely ignore this data, just as a giant ship can easily break through a fishing net.