If Bitcoin breaks through $120,000, the cumulative short liquidation intensity of major CEXs will reach $1.154 billion. Conversely, if Bitcoin falls below $116,000, the cumulative long liquidation intensity of major CEXs will be $950 million.

It can be seen that there is a significant accumulation of short positions below, especially in the Ethereum zone of $3,500-$4,000 where there is a large amount of liquidation. If the level breaks through $4,500, up to 90% of the liquidation below could occur. $BTC