Last night's spike at 22:30 directly caught many people off guard. Bitcoin plummeted from 89,500 all the way down, breaking the 87,000 mark; Ethereum also couldn't hold, dropping through the $3,000 level in one go.

According to Coinglass data, within just 4 hours, the total liquidation amount across the entire network soared to $230 million, with longs accounting for $212 million. The scene was indeed a bit tragic.

Interestingly, this drop didn't spare even the big players. There was a trader holding 190,000 ETH, with just ETH longs showing an unrealized loss of $32 million. Longs on Bitcoin and SOL were also bleeding. Another trader was even more outrageous — they urgently transferred 250,000 USDC to a trading platform overnight to try to support and increase their ETH position, but the market dropped too fast. As soon as the money arrived, it was forcibly liquidated. Originally holding 4,800 ETH longs, it suddenly dropped to only 1,360 ETH, losing nearly 70% of the position.

Honestly, in this kind of market, whether you're catching falling knives or already lying flat, you need to adjust your mindset. Can everyone still hold up? Let's chat about our situations in the comments.