The positive market sentiment at the beginning of January drove altcoins toward recovery, but its sustainability remains uncertain. Ethereum (ETH) on-chain transactions are active, but its leverage ratio has reached a record high; if it drops to $2,800, it could trigger over $5.8 billion in long liquidations. Investor Peter Brandt pointed out that Bitcoin Cash (BCH) is approaching the $650 resistance level, with open interest reaching $980 million, a new all-time high, which has often been a precursor to a correction; if it falls to $570, it could lead to over $80 million in long liquidations. The meme coin PEPE, which has gained over 70% this year, faces a potential 10% decline, possibly dropping to $0.00000613. As profit-taking and technical corrections approach, the risk of long liquidations could exceed $15 million.