During the period of intense fluctuations in trading, the total liquidation amount of cryptocurrencies approached 800 million USD, with Bitcoin (277 million USD) and Ethereum (263 million USD) leading the way. Excessive leveraged long positions on major exchanges exacerbated the sell-off, and the concentration of stop-loss orders, along with a single order of 39.24 million USD in BTC/USDT on HTX, triggered a chain liquidation.