In the past hour, the entire network has liquidated $104 million, with the majority being long positions, and ETH and BTC respectively liquidating over $30 million and $40 million.

Wow, the leverage is going wild, and when the whales get excited, they wash out the market. After OKB broke $130 and surged 17%, it shows that the bulls are too greedy.

Compared to a16z's $12 million profit last week, retail investors are feeling the pain from this wave of losses.

I think this signals that the market is overheated, and a short-term correction is inevitable. However, if the market cap of stablecoins continues to break $276.9 billion, altseason might be hiding in the rebound after the liquidations. It is advisable to reduce positions and observe, and not to go all in.