数据分析大师

In the past hour, liquidations across the whole network totaled $30.69 million, and 96% were short positions. ETH alone accounted for $15.14 million—almost entirely shorts. BTC was $7.79 million and SOL $5.54 million; combined, the top three coins made up 93%. This isn’t a broad sell-off or routine washout—it’s shorts being lifted away in a concentrated squeeze.
The time structure is clearer: over the last 4 hours, total liquidations were $36.48 million, and the final hour accounted for 84%. The acceleration happened just now, right around 9 PM Beijing time, ahead of the US stock market open. Last night in the same window, it was longs that were washed out—tonight it flipped completely.
BTC now at 64,772, up 0.97%. It’s only 0.6% away from the 24-hour high of 65,136; ETH at 1,933, up 1.9%. The fees are more interesting: the BTC network-wide average funding rate annualized is still below 0.3%, so longs basically aren’t adding leverage to chase. This move wasn’t driven by longs—it was shorts that got their positions wrong and were squeezed out. As long as the funding rate doesn’t heat up, this kind of squeeze usually isn’t over yet.

The spot money is back, and the leverage in the contracts has been stacked to the extreme. How will the US stock market open tonight—it will determine which side admits defeat first.
First, look at the good news. On the last trading day, the net inflow for the BTC ETF was $189 million. Previously, there had been five straight days of outflows totaling $390 million—this marks a complete reversal. On the same day, the ETH ETF saw inflows of $71.47 million. The three categories of ETFs combined returned $260 million in a single day, bringing the total size back to $91 billion.
On the contract side, in the past 24 hours, liquidations across the entire market totaled $125 million, with shorts accounting for 78.8%. The short squeeze hasn’t stopped yet. The most典型 example is ETH: open positions increased by 4.13% in one day to $21.7 billion. In the same period, among the $81.2 million liquidated within 12 hours, shorts made up 91%. The accumulating longs are currently winning. The Fear and Greed Index rose from 31 to 46, recovering 15 points over three days.

#ETF #以太坊 #Bitcoin
$ETH $BTC
To start with the conclusion: this round of market warming is not retail sentiment—it’s ETF capital that moved first.
Last night, crypto ETFs saw a single-day net inflow of $261 million: the BTC fund took $189 million and the ETH fund $71.46 million. Even more interesting is the 7-day cumulative picture: ETH net inflows totaled $100.06 million, while BTC was only $97.14 million—ETH quietly overtook. On a single-day basis, it looks like more BTC was bought, but when you stretch it to a week, institutions are actually adding to ETH.
Sentiment-side recovery as well: the Fear & Greed Index rose from 31 on Aug 17, climbing for three straight days to 46 today—basically climbing out of the “extreme fear” zone.
The derivatives market is also cooperating: over the past 24 hours, the entire network liquidated $125 million, with 79% being short positions. Money flows back, sentiment improves, and shorts get squeezed—three signals all pointing in the same direction.

Let’s start with the conclusion: this account can survive with 30x leverage not because of god-tier technical skill, but because it keeps withdrawing profits.
Address: 0xf62edeee17968d4c55d1c74936d2110333342f30, 783 trades in 360 days, win rate 58.5%, net profit $3.957 million, maximum drawdown $239k. The numbers aren’t the brightest among the top smart money accounts on Hyperliquid, but the position structure says a lot.
The protagonist is that BTC short position: 64.28 BTC, opened with 30x leverage, entered at 87,790, and it hasn’t moved since then. BTC’s latest price is 64,644, down 26%. This short position is currently in profit by $1.486 million. Based on the margin locked according to the position size, the return rate has already exceeded 1000%.

This squeeze on the US stock session just finished. Across the whole network over the past 4 hours, liquidations totaled $75.16 million, with shorts accounting for 94.8%. For BTC, a single coin contributed $59.25 million, with shorts at 99.1%, and the price was pushed to 64,760. Open interest didn’t fall—in fact it rose. Over the last 24 hours it’s up 2.1% to 42.56 billion. The short positions that got swept away are immediately being replaced by fresh entries. This rally was driven by incremental capital, not created by shorts cutting positions.
On the platform side, the most striking is Hyperliquid: $34.44 million liquidated in 4 hours, accounting for 45.8% of the whole network. Of that, 99.9% were shorts. There were 1,504 trades with an average size of $22.9k, and large short positions were lifted off in batches. Binance during the same period had $17.3 million and OKX $8.38 million—same direction, but the density is less than half of Hyperliquid’s.

Right now, the most crowded shorts across the entire market are in BICO: in 11 exchanges, funding rates are all negative. Shorts are paying an annualized 376% to keep their positions open, yet the price still hasn’t been driven down.
Break it down: Whitebit -0.56%, Bitget -0.48%, Bybit -0.43%, Binance -0.32%—even the most mild Kraken is at -0.046%. This isn’t an abnormal quote from one exchange; it’s the market-wide consensus pricing. The same situation also exists for HOME (12 exchanges all negative, annualized -234%) and BMT (10 exchanges all negative, -202%). Crowded short areas aren’t just one place.
With so much money at stake, did the market give a return? No. BTC is up 1.2% in the past 24 hours to 64,800, while in the last 4 hours the entire network liquidated $74.51 million—95% of it long positions are short. This batch of BICO shorts is like paying high interest on one side while watching the broader market move higher—turning costs into a daily snowball.

Tonight is a rare night of divergence: US leveraged ETFs $SOXL fell 18.5%, while they’re killing longs over there. In crypto, $74.55 million was liquidated over four hours, with 95.3% being shorts—washing out the people who chased the shorts.
BTC: one coin spiked 59.14 million in four hours—58.55 million of it were short orders. The price was pushed from 62,859 up to 65,136, a textbook short-squeeze one-way. The largest single order came from Hyperliquid: 360 BTC shorts worth 23.36 million USD, directly liquidating them at 64,889.$ETH It didn’t dodge that either—another 8.06 million was wiped out in four hours, with 93% being shorts.
On the US stock market, SK Hynix fell 9.7% and SNDK dropped 8.7%—semiconductors were hit the hardest. Risk assets are falling; $BTC stocks rose by 1% in spite of that, suggesting that tonight’s crypto trading and stock trading aren’t the same crowd.

Top 3 on the gainers list: ALPINE, ACE, and CLO are all up more than 25%, but by trading value the money isn’t on this side. GPS is only up 9.7%, with $1.16 billion in trading volume—already the money stronghold on the gainers list. The real massive volume is on the losers list: KORU is down 25.6%, with $2.96 billion traded in a single day—four times ACE. The disagreement is entirely on the side of the declines.
On the losers list’s top ten, seventy percent have trading values under $3 million. BRIAN is down 36% but only has $130,000 in volume—if you want to run, there may not be anyone to take the other side. AIO is down 27.6% with $92.43 million in trading volume; ON is down 27.1% with $45 million. These two are hammered out with real money. Being down deeply and being down for real are two different things.

Tonight, as U.S. stocks open, over here I’d rather watch leverage than price: the longs have just been harvested through one round, funding rates are flat, and sentiment is already scared first—direction is left to the macro picture.
Before the market opens, I’m only watching three numbers.
The first number: 58 million. Liquidations over the past 12 hours, 82% of which were long positions. In the 5.6 million liquidations across the day, 98.6% were longs for WLD; for SUI it’s 99.4%, and for FIL it’s 98.8%. This round specifically targeted altcoin longs. Add to that BTC’s overnight short squeeze of 77.34 million (95.7% were shorts). With 160 million in total liquidations back and forth, the leverage has already been washed out pretty clean.
The second number: 0.001%. The average funding rate across 26 exchanges for BTC (updated every 8 hours). Annualized, it’s only a bit over 1%; even Binance is just 0.0073%. Going long isn’t crowded, and going short isn’t crowded either. Even if the U.S. stock market opens and hammers the market in one direction, the fuel for a chain reaction liquidation isn’t really there.

Conclusion first: Across the whole network in the past 24 hours, $160 million was liquidated. On paper, shorts make up 63%, but that figure is propped up by BTC alone. Take BTC out, and the remaining market accounts for 68% of liquidations coming from longs.
BTC is a short-squeeze machine: In the past 24 hours, $77.29 million was liquidated, and 95.7% was shorts. One upward spike took out all the leveraged short positions.
Altcoins are a meat grinder: SUI saw $5.41 million in liquidations, with 99.4% being longs—shorts only accounted for $32,000. Out of DOT’s $1.7 million liquidations, shorts total only $6,500. For WLD, longs make up 98.6%.
Most gut-wrenching details: SUI and DOT can’t even squeeze into today’s top gainers/losers list. The price hasn’t moved much, yet the long positions that got liquidated were almost one-directional. The leveraged longs that chased in were wiped out root and branch in the big sell-off earlier today. By the time the price comes back, their positions are already gone.

Today’s market action is in a small-cap segment. CLO leads across the entire network of contracts: up 22% over 24 hours, with open interest jumping by 62% at the same time. Both price and positions are being lifted together, which indicates this is not shorts closing out—this is new long exposure coming in with real money. This fits the standard profile of squeeze behavior in small-cap markets. But watch the “size” closely: CLO’s total open interest across the whole network is only $11.5 million, while trading volume reached $51.6 million—more than 4x turnover. It’s a pure short-term, quick-trade tug-of-war where entries and exits depend on hand speed.
On the decline leaderboard, ON is down 28% and open interest has fallen by 30%. What this combination implies is that longs are accepting losses and closing to exit—not shorts adding more to suppress. The selloff is straightforward, but the leverage pressure is actually easing.

Capital is switching sides. Over the past five trading days, BTC ETFs saw net outflows of $390 million. Over the same period, ETH ETFs recorded cumulative net inflows of $11.51 billion, setting a new all-time high. On August 17, net purchases totaled $30.95 million for the day.
Since August 10, BTC has had only one day in positive territory (inflow of 4.89 million on August 11). Outflows were 145 million on August 10, 131 million on August 13, and 57.63 million on August 14. Total holdings have shrunk steadily from the early-August peak of 79.2 billion down to 76.6 billion.
ETH goes against the grain. On August 17, net inflows for the single day reached 30.95 million, the largest in nearly two weeks. The daily size rose from 10.52 billion to 10.72 billion; of that, only 30.95 million was net inflow—an additional 167 million was propped up by ETH’s price increase itself. Bids and price are pushing each other.

Funding rates only indicate who is paying whose position cost; whether someone will be liquidated is a different matter. Today, three coins make this relationship crystal clear.
BEAT’s annualized median funding rate is +40.3%. All 11 exchanges are positive. Binance (+93.8%) and Bitunix (+94.4%) are at the very top. Longs are taking money out hour by hour. As a result, in the past hour BEAT exploded by $119,300, with 177 trades: longs accounted for $119,280 while shorts were only $26.72. The ones paying and the ones getting carried off are the same group of people. The price fell 16.61% over 24 hours to 0.2465, dropping from 0.32 to 0.2325, yet open interest (49.26 million) actually rose by 4.40%.

The deeper the negative funding rate, the less you can treat it as a bearish signal. What really determines the meaning is whether the position is increasing or decreasing; in these two cases, the short side’s situation is completely opposite.
EDEN’s annualized funding rate was pushed down to -880%. Out of 10 exchanges, 9 are negative: Binance at -505%, Bybit at -808%, and Gate at -540%. This isn’t an outlier quote from a single exchange. Shorts are paying money every day—and yet they’re still adding. EDEN rose 18.37% in 24 hours to 0.0554; open interest increased 57.85% to $15.61 million, and volume reached 135 million. RED is even more extreme: annualized -961.9%. Out of 11 exchanges, 10 are negative—Bybit at -2135%, Binance at -1403%, and Bitget at -1400%. Price climbed 18.24% in 24 hours to 0.0979; open interest more than doubled, up 131% to $12.01 million. These two are shorts paying exorbitant fees on one hand while stubbornly holding up the price on the other.

The win rate column basically can’t be used to determine who’s more profitable. On Hyperliquid there are two addresses; the money made is about the same, but the approaches are completely different.
Address A 0xbf732ea04197942783e34730ed6e0f6099575d58: Closed 282 trades over 106 days; only won 124 trades, win rate 43.97%; lost 34 more times than won; net profit $2.8107 million. Trading volume $995 million, fees $274,100, maximum drawdown $1.2112 million, zero liquidation.
Address B 0xc59498175d6d317642aeb97f895a7ce1aa992191: Closed 2,723 trades over 272 days; won 1,073 trades, win rate 87.74%; net profit $3.0001 million; only about $190k less than A. Only $82.9 million in volume, which is one-twelfth of A; fees of $28.1k, one-tenth of A; maximum drawdown of $12.8k, one ninety-fifth of A. B only traded three assets: ETH, ZEC, and PAXG.

On a 24-hour basis, the 62.5% figure for short liquidations is an average-value trap—mixing two stretches of action that were completely opposite in direction into one lump.
Across the whole network, $163 million was liquidated in 24 hours, with 52,895 trades; longs were $102 million. But if you break this down: in the most recent 12 hours, within $62.27 million, longs accounted for 76.9% ($47.86 million). Conversely, in the prior 12 hours of about $100 million, shorts accounted for 86.9% ($87.15 million). This wasn’t “tilting toward shorts”—it was a full reversal of direction.
That overnight segment was basically a one-person show for BTC. In the 24 hours, BTC liquidated $79.10 million, across 4,254 trades; shorts were $75.88 million. But in the most recent 12 hours, BTC liquidated only $5.45 million, and the shorts portion was just $2.82 million. That means the $73.06 million that got squeezed out of BTC shorts was all dumped before those 12 hours, accounting for 83.8% of the total shorts across the whole market. By daytime, BTC had nearly exited the scene: the positions stood at $41.534 billion, yet BTC still rose 0.89%, to 64,269.5, and the funding rate annualized at +2.12% (26 exchanges), as if nothing had happened.

First, the takeaway: over this past hour, the ones getting cut are longs. Crypto and tokenized US stocks both flipped—this is not a continuation of the previous squeeze of shorts.
Crypto 1h liquidations totaled $30.11M, with longs at $29.46M, or 97.9%. Tokenized US stocks 1h liquidations totaled $6.92M, with longs at $6.85M, or 99.0%. Both sides almost simultaneously turned around.
Only when you push forward do you see how fast this turn is. In crypto, 24h is still short at 66.8%, 12h shorts 63.0%; by 4h, the longs have already taken over at 83.4%, and in 1h it surges to 97.9%. TradFi is more orderly: 24h shorts 60.7%, 12h longs 73.4%, 4h longs 91.9%, and 1h 99.0%.
When broken down to individual assets: SUI 1h liquidated 5.15 million, 825 trades, with longs at 99.99%. WLD liquidated 2.06 million, 157 trades—all longs, with positions dropping synchronously by 12.9%; these people truly got flushed out, not voluntarily reducing. FIL 2.03 million, same batch. BTC is the opposite—quiet. In 1h only 1.66 million, 118 trades; positions worth 41.6B are still rising by 1.12%, indicating the dump is targeting alts, not BTC/the big coin.

First the conclusion: this hour saw one-way liquidation of longs, and both the US stock market and crypto moved at the same time—not an isolated event on one side.
In the traditional market this hour, there was a $6.67 million surge and 1,262 trades, with longs accounting for 98.7%. For stocks: 6.319 million in longs, 6.262 million; for index products: 0.178 million, almost entirely long—only commodities still had 0.027 million shorts remaining.
Encrypted same hour: 31.03 million, 9,676 trades; long positions were 29.81 million, accounting for 96.1%. The direction was exactly the same.
But when you extend the window, the books look completely different. In the past 24 hours for encrypted trading: total volume was 177 million, with shorts at 119 million, accounting for 67.2%; in the traditional market: total volume was 63.06 million, with shorts at 39.56 million, accounting for 62.7%. The squeeze that hit overnight had just finished, and then longs were cut down; within a single day, both groups of people were liquidated one after another.

It’s the same with so-called crypto ETFs: on the BTC side, overall money is up, while on the ETH and SOL side, things are still overall underwater.
Just compare cumulative net inflows with the current AUM and it’s clear. BTC spot ETFs have cumulative net inflows of 51.84 billion, and the current AUM is 76.61 billion. The extra 24.77 billion is due to gains in the holdings, for an overall unrealized profit of about 47.8%.
It’s almost the opposite for ETH. The cumulative net inflow is 11.48 billion, but the assets under management are only 10.52 billion—less by 960 million than what was put in. Overall, it’s down by about 8.4%. SOL looks even worse: cumulative inflows are 1.16 billion, AUM is 900 million, a contraction of 21.8%.
What’s even more interesting is that over the past 7 days, the direction of the funds is opposite to the profit and loss: the BTC that made the most is seeing redemptions of $162 million, while ETH that’s still underwater instead has a net inflow of $139 million. SOL has also received $10.26 million. In the most recent trading day, the entire market saw net outflows of $58.83 million, almost all from BTC.

First, the conclusion: the money from this round of liquidations mostly wasn’t taken from retail traders’ pockets—it came from large on-chain positions handing over the goods.
In the past 24 hours, liquidations across the whole network totaled $164 million, with 52,800 trades; shorts were $119 million, accounting for 72.6%. But when you break it down by exchange, it gets interesting. Binance had $54.86 million liquidated, spread across 24,435 trades—an average of $2,245 per trade. Hyperliquid had $36.48 million liquidated, across only 2,771 trades—an average of $13,164 per trade, nearly six times Binance. Bybit, on the other hand, was more fragmented: $17.95 million spread across 10,160 trades—only $1,767 per trade.
The meaning is very direct. Over on the centralized side, the leverage retail traders were cleared in bulk—lots of orders but small amounts. On Hyperliquid, 2,771 orders wiped out 36.48 million, and shorts accounted for 35.78 million—98% were shorts. The on-chain short positions are larger and more concentrated; once the price is pushed up, the whole batch gets taken out, with no gradual process of reducing positions.