Recently, cryptocurrency asset prices have been experiencing fierce back and forth fluctuations, with both on-exchange leverage and off-exchange funds applying brakes simultaneously: according to different statistical measures, the total amount of liquidations across the entire network in the past 24 hours ranges from 736 million to 928 million USD, of which long positions account for approximately 680 million and 838 million USD respectively, significantly higher than the short positions, which are about 56.59 million and 89.14 million USD. The liquidations in Bitcoin and Ethereum contracts totaled in the hundreds of millions, concentrating the reflection of prior high-leverage long positions being passively closed out under deleveraging pressure; almost in sync with this, the U.S. spot Bitcoin ETF recorded a net outflow of about 1.26 billion USD for the week ending May 23, the largest single-week outflow since the end of January 2024, and has faced redemption for six consecutive trading days, with one particular trading day experiencing a net outflow of approximately 649 million USD. Meanwhile, Ethereum-related ETFs have seen a net outflow of funds for ten consecutive trading days. After a large influx of off-exchange capital was brought in following the ETF approval at the beginning of the year, the combination of forced deleveraging on exchanges and continuous redemptions has pushed BTC and ETH into a dual-layer squeeze of "liquidity contraction + institutional sentiment reversal." The core issue is no longer who ignited this round of volatility, but how the current deleveraging of contracts and the wave of ETF redemptions will change the risk preference curve of BTC and ETH, the funding risk premiums, and the pricing center in the future stage.

736-928 million USD in liquidations: concentrated clearing of leveraged long positions

From the perspective of contracts, this round of volatility corresponds to a clearly defined but vaguely bounded concentration of deleveraging. According to CoinAnk statistics, the total amount of liquidations across the entire network in the past 24 hours was approximately 736 million USD, with long positions at approximately 680 million USD and short positions at approximately 5.659 million USD; according to CoinGlass, the total liquidation amount during the same period was around 928 million USD, with long positions at about 838 million USD and short positions at about 89.1356 million USD. The ranges provided by the two platforms are between 736 million and 928 million USD, with a statistical difference of nearly 200 million USD. However, the common fact indicated is that about ninety percent of the liquidated positions were long positions, typical of a long squeeze scenario, illustrating that a large number of one-sided leveraged long positions had accumulated above the previous price center.

In terms of asset structure, this round of deleveraging has been almost a direct clearing of BTC and ETH leverage risks. CoinAnk shows that Bitcoin contracts had liquidations of approximately 295 million USD and Ethereum contracts had liquidations of approximately 180 million USD; however, CoinGlass gives a higher estimate for Ethereum's liquidation scale at around 439 million USD. Even when calculated conservatively, these two major assets account for a significant proportion of the liquidated positions, coupled with the long positions being significantly higher than short positions in both data sources, it can be concluded that this round of volatility is not merely a simple tug-of-war between longs and shorts, but rather, the high-leverage long positions of mainstream assets have been "liquidated," marking a one-time puncturing of the leverage bubble that had accumulated above BTC and ETH, thereby opening up space for subsequent prices to reevaluate and find a balance on a lower leverage basis.

12.6 billion USD outflow in one week: institutional funds hit the retreat button

As high-leverage long positions on the contracts have been concentratedly "liquidated," institutional funds off-exchange have also been withdrawing their spot exposure simultaneously. Data shows that as of the week ending May 23, the U.S. spot Bitcoin ETF recorded approximately 1.26 billion USD in net outflows, marking the largest single-week capital outflow since late January 2024, and has faced net redemptions for six consecutive trading days, indicating that this round of capital withdrawal is not a one-off emotional fluctuation, but rather a continuous reduction process. On one trading day within the same week, a net outflow of about 649 million USD occurred, with the redemptions being highly concentrated in time, marking a reversal of previously massive net inflows accumulated since the ETF's approval in January, signifying a pivot in institutional sentiment from "buying on dips" to "actively reducing leverage and reducing Bitcoin positions."

On the Ethereum side, the pressure on funds is even more evident. Related ETFs have seen net outflows for ten consecutive trading days, indicating that in an environment of heightened volatility, institutions have a lower tolerance for ETH risk exposure, prioritizing exits from the most liquid linked products. The liquidation of long positions in the contract market signifies passive deleveraging, while the continuous net redemptions of Bitcoin and Ethereum ETFs represent a proactive reduction of off-exchange spot holdings: on one hand, this weakens the passive buying base for BTC prices to hedge against downturns, making prices more sensitive to macro risks and redemption demands; on the other hand, Ethereum, under the pressure of ten days of contin

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