Clearing Coordinates Update — The Bull-Bear Battle Behind $430 Million Liquidations in 24 Hours

After Bitcoin briefly touched $76,043.6 in the early hours of April 15, it quickly dropped back into the $74,000 range. The sharp volatility triggered large-scale liquidations. Coinglass data shows that in the past 24 hours, more than 150,000 traders were liquidated across the cryptocurrency market, with liquidation amounts totaling $430 million. Across the whole market, about $100 million worth of Bitcoin futures contract positions were liquidated; Bitcoin holdings (open interest) were around $56.277 billion, reflecting that the market’s leverage levels are still being continuously adjusted.

From the liquidation distribution, if BTC falls below $68,062, the cumulative liquidation strength of long positions on major mainstream CEXs will reach $236.1 million; if it breaks above $75,493, the liquidation strength of short positions will be about $668 million. With BTC currently near $74,000, it is in a symmetrical range between “bullish firepower” and “bearish firepower,” and any breakout in either direction could trigger a chain reaction.

Derivatives trading volume (24 hours) is $850.15 billion, down 6.35% from the day before, indicating that market participation has decreased after the intense volatility. Perpetual contract funding rates remain neutral to slightly weak, with no signs of excessive bullish exuberance. It is recommended that investors reduce leverage multiples in the current range, focusing mainly on spot trading.
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