The US stock market is open as usual on Friday, marking the last trading window of the week. To be honest, the market volatility this week has been limited, and by the weekend, there are hardly any opportunities. However, interestingly, BTC surged by 3% in a short period, and this seemingly small increase triggered a chain reaction in the derivatives market.

According to on-chain data, the largest single liquidation in the past 24 hours reached $14.14 million, occurring on the Hyperliquid platform from an address starting with 0xa8e. This trader played quite aggressively—shorting BTC with 40x leverage. What was the result? In the past hour, this address's short positions were liquidated twice in succession, totaling approximately $17.63 million. The most severe liquidation involved 160 BTC in a single event, equivalent to $14.14 million.

This wave of market activity once again reminds everyone: high leverage can amplify gains, but it can also wipe out your principal instantly. In a market environment with limited volatility, risk management becomes especially crucial.