Recent sharp fluctuations in the cryptocurrency market have led to massive liquidation events, hiding multiple market risks and structural contradictions. The following is an in-depth analysis:

Market data reveals extreme leverage risks

Historically high leverage ratio

The current total leverage ratio of the cryptocurrency market (margin debt/total assets) has reached 38%, a historical high. The single-day liquidation amount in May once exceeded 800 million USD, of which 90% were leveraged long positions closed. In the latest 24-hour liquidation of 349 million USD, short positions accounted for more than 65% (ETH short positions liquidated 110 million, BTC short positions 50 million), indicating that the market is experiencing a double kill for both longs and shorts.

Whale operations exacerbate volatility

Some whales are shorting ETH with 20x leverage, with floating losses of nearly 20 million USD but still continuing to add positions. The liquidation price is locked at 4885 USD. The top 100 BTC addresses control 81% of the circulating supply. The concentration of institutional holdings leads to a "stock-like" characteristic of the market!$BTC $ETH #BTC重返12万