Just looked at the data from the past 24 hours. The total liquidation volume across the market is roughly $380 million to $500 million, with the bears getting hit pretty hard. BTC alone saw $118 million liquidated short positions, and ETH also had $169 million wiped out. This wave of market movement is definitely punishing the shorts.

The most concentrated area for BTC shorts is between $75k and $76k. When it touched $76k, all the short positions in that range were wiped out in one go. Many traders had their stop-loss set there, and they were taken out completely. Now, on the heatmap, the short positions around $76k have been mostly cleared, but as the price moves up to $78k, new short positions are starting to pile up again. Looking downward, $72k is a stop-loss zone for the bulls—if the price drops below that, it could trigger a chain reaction of liquidations.

ETH's situation is a bit interesting. Its rally is weaker than BTC's, but the liquidation volume is similar—at times even surpassing BTC's—indicating some traders are betting ETH won't move much higher, but then get swept out by the rebound. Currently, the most active zone is between $2,300 and $2,350. Above that, between $2,400 and $2,450, a lot of new short positions have been stacked. If the price pushes higher, another wave of liquidations could occur. Support is around $2,250; if it breaks below that, bullish stop-loss orders will also start to trigger.

Interestingly, despite the large liquidation volume, the funding rates aren't particularly extreme, suggesting the market hasn't yet entered full-blown FOMO chasing. Additionally, spot ETF inflows have continued over the past few days, with another $200 million entering yesterday. Institutions don't seem to be fleeing; instead, they appear to be accumulating.

However, I think this rally feels a bit fake, mainly driven by crushing the shorts and pushing the price up. Buying momentum is actually quite weak. If the price continues to surge—say BTC hits $77k to $78k—it will encounter new short traps. Without enough volume, it could easily spike and then fall back.

From a trading perspective, chasing longs now isn't very attractive—it's easy to get caught in a trap. Going short outright also feels off because the shorts have just been wiped out; they need some time to cool down. The best approach is to wait—either wait for the price to go higher with decreasing volume, or wait for it to drop to a support level and stabilize with lower volume, then look for signals to act.