Over $500 million in positions were forcibly liquidated in the past 24 hours, and this time the situation is a bit unusual. The long positions that were liquidated only account for about 70% of the total trading volume, whereas in previous liquidation rounds, this ratio was over 90%.

Why is this happening? Several main reasons have come together: CPI data was released, prompting the market to sell off in tandem; the Bank of Japan is about to announce its interest rate decision; and Wintermute dumped over $500 million worth of Bitcoin on exchanges (equivalent to a $50,000 scale), currently realizing about 30% profit.

How fierce is the market? Bitcoin plummeted to $85,000 this morning, and Ethereum also dropped to $2,800. Even more heartbreaking is that the Bank of Japan hasn't even officially announced its decision yet, and things are already this dire. Once they actually announce the interest rate, the market might face another round of turbulence.