These few hours have been truly intense. ZBT surged by 58.5% in just 5 hours, instantly triggering a massive liquidation across the entire network. Data shows that the total liquidation amount exceeded $1.2 million, with short accounts accounting for $1.1 million, a high proportion of 91.67%—almost all of the liquidations involved short positions being wiped out.

Looking at this liquidation structure reveals some insights. This is not a typical rebound market but a classic short squeeze pattern. A large number of short positions were triggered simultaneously, stop-loss orders followed one after another, which in turn fueled the upward trend. Such an extremely asymmetric liquidation distribution cannot be driven solely by retail investors; it clearly indicates the involvement of major institutional funds behind the scenes.

From a market capitalization perspective, it’s also quite interesting. ZBT’s market cap has reached around $44 million. The fact that such a large liquidation amount can be triggered at this scale indicates highly volatile liquidity changes. The battle between bulls and bears at this level is particularly fierce.

The technical analysis also aligns. Looking at the 1-hour chart, the 0.1600 level is the previous key support/resistance boundary. This rally started near that level, confirming a breakout of this support. If the upward momentum continues, the 0.2000-0.2010 zone will be an important resistance area to watch.