Looking at the liquidation data over the past 24 hours.

Total liquidations: $490 million.

Including: Short liquidation $300 million, Long liquidation $200 million.

This indicates that shorts faced significantly more pressure in this rebound.

But what I'm more focused on is that over the past few days, regardless of whether the market went up or down, the scale of liquidations hasn't been particularly extreme.

It shows that market leverage is gradually decreasing.

Both longs and shorts have become cautious; no one dares to heavily bet on one direction.

In this situation, the market is more likely to enter repeated consolidation rather than a direct trend.

True big moves usually come with a rapid re-accumulation of leverage.

So instead of obsessing over whether today's liquidations were longs or shorts,

it's better to observe when the market develops a consensus expectation again.

Because when everyone is on the same side,

that's often when the market is ready to go the opposite way.