In recent market conditions, the scale of short liquidations has indeed experienced an extreme release—such a crushing wave of liquidations often hides significant reversal risks.

The core issue observed is that the $BTC market volatility and the magnitude of leveraged liquidations are seriously diverging, and this signal is very critical. When the liquidation intensity exceeds volatility expectations, it usually indicates that market participants' risk exposure has reached a critical point. In this state, chasing longs at the 930 level is essentially gambling, not trading.

The biggest test at this moment is psychological resilience—don't be led by the market. Market sentiment can easily spread, especially when liquidation numbers are jumping. But the rational approach is to stay calm and wait for definitive signals.

Some traders have taken light long positions at 912 and are now planning to exit. More aggressive plans involve building short positions in batches within the 926-932 range, betting on a subsequent reversal. Such opposing actions themselves reflect how divided the market is—and this divergence is often where the risk lies.