Liquidation coordinate update — The bulls and bears' battle behind $430 million margin calls in 24 hours

Bitcoin briefly touched $76,043.6 on the early morning of April 15 before quickly falling back to the $74,000 range, with intense volatility causing large-scale liquidations. Data from Coinglass shows that over 150,000 traders were liquidated in the past 24 hours, amounting to $430 million. About $100 million worth of Bitcoin contracts were liquidated across the entire market, with Bitcoin open interest (unsettled contracts) around $56.277 billion, reflecting ongoing adjustments in market leverage levels.

From the liquidation distribution perspective, if BTC falls below $68,062, the cumulative long liquidation on major CEXs will reach $2.361 billion; if it breaks above $75,493, short liquidations will amount to approximately $668 million. Currently, BTC is near $74,000, in a symmetrical zone between "bullish firepower" and "bearish firepower," where any breakout could trigger a chain reaction.

Derivatives trading volume (24 hours) is $850.15 billion, down 6.35% from the previous day, indicating decreased market participation after intense volatility. The perpetual contract funding rate remains neutral to slightly weak, with no signs of excessive bullish enthusiasm. Investors are advised to reduce leverage multiples in the current range and focus on spot trading.