BTC ETH The actual volatility wasn’t that significant, but the liquidation volume hit the largest single-day liquidation of this bull market, showing how crowded the long positions are in the market. Without any obvious bearish news, the main players chose to dump during non-U.S. market hours. This can only be attributed to the exchanges themselves, because only the exchanges know how rare this opportunity is: they just needed to drop the price by less than 10% to wipe out most retail investors’ capital in the market. Additionally, looking at the long-to-short ratio and the final liquidation data from the exchanges, apart from BTC and BNB, ETH and other altcoins were clearly dominated by retail long positions. The exchanges only needed to drop the price by less than 10% to trigger the largest single-day liquidation of this bull market. Honestly, the exchanges are just so damn ruthless.