Over the past 24 hours, the entire network's contract liquidations reached $193 million, with short positions suffering worse losses than long positions, indicating that this market movement first squeezed out those betting on a decline. The liquidation amounts for $BTC and $ETH are both substantial, but this type of data is more like a thermometer for short-term sentiment rather than proof that the trend has turned bullish. What we need to watch next is whether spot prices will follow through.