$BTC rose to over $104,000, triggering a large number of contract liquidations. According to Coinank data, $746 million in liquidations occurred across the network in the past 24 hours, with $121 million in long positions and $625 million in short positions liquidated. Among them, Bitcoin liquidated $288 million, and Ethereum liquidated $228 million.

In the past 24 hours, short positions accounted for 83.8% of all liquidations across the network, exposing the extreme vulnerability of the market's leverage structure.