Recently, there has been a large-scale whale liquidation event in the crypto derivatives market, with total liquidations across the entire network reaching $303 million within 24 hours, involving over 100,000 people. The amount of short positions liquidated far exceeds that of long positions, reflecting an imbalanced market structure. The largest single liquidation occurred on the decentralized exchange Hyperliquid, with an amount of $30.38 million.