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According to ChainCatcher, citing Coinglass data, if ETH falls below $3,849, the cumulative long liquidation volume on major CEXs will reach $1.674 billions. Conversely, if ETH breaks above $4,248, the cumulative short liquidation volume on major CEXs will reach $568 millions.

Jinse Finance reported that due to a wave of leveraged bets collapsing, the cryptocurrency market lost approximately $300 billion in market value this week. This volatility has severely impacted leading tokens in the sector and dragged market sentiment to its weakest level since early summer this year. In the cryptocurrency perpetual futures market, billions of dollars in bullish bets were forcibly liquidated, further accelerating the current downturn. According to data compiled by Coinglass, the total long positions (bullish positions) liquidated across exchanges have exceeded $3 billion. Some traders warn that since most trading platforms do not disclose complete liquidation data, the true scale of leverage in the current market remains opaque. On Friday, a report showed that a key inflation indicator slowed in growth last month, providing the Federal Reserve with some buffer to address the cooling labor market. As a result, overall risk sentiment improved, and the prices of bitcoin and ether rebounded slightly. Paul Howard, Senior Director at market maker Wincent, stated that this pullback is a "healthy correction." He pointed out that although bitcoin prices fell below the 100-day moving average and the total market capitalization of digital assets dropped below $4 trillion, there are currently no signs of panic. However, he also warned that short-term pressure may still lead to continued price declines—especially as, compared to earlier this year, the current prices of digital assets are more closely linked to macro market sentiment.