If Bitcoin breaks through $120,000, the liquidation of short positions on mainstream exchanges will soar to $1.154 billion. Conversely, if it falls below $116,000, long positions will also face $950 million in liquidations.

This data makes me feel that the market is currently a powder keg, ready to explode with the slightest disturbance, especially with BTC hovering around $118,000 recently, combined with El Salvador accumulating another 8 BTC within a week, bringing their total holdings to over 6,000 BTC. It seems institutions are still quietly making a fortune.

Personally, I think this liquidation intensity is ridiculously high, indicating there are too many leveraged players. If BTC rallies again in the short term, the shorts will be crying, but in the long run, this may accelerate market reshuffling, allowing real HODLers to laugh last.

That said, ETH is also taking off, breaking through $4,300, with a market value surpassing Mastercard, ranking 25th globally. If BTC really breaks $120,000, a new high for ETH is just around the corner. Everyone shouldn't just focus on BTC; an alt season may be coming soon.