On May 9, 2025, the cryptocurrency market experienced significant volatility, with the price of Bitcoin forcefully returning to the $100,000 mark at 10:00 AM Beijing time after three months of turbulent adjustment, peaking at $103,064.8, a daily increase of over 6%, setting a new high since February. Meanwhile, the drastic fluctuations in the market led to nearly 200,000 investors being liquidated within 24 hours, with a total liquidation amount reaching $968 million, of which short position liquidations accounted for a staggering 87%, approximately $840 million.