ChainCatcher reports that, according to Coinglass data, in 2025, the total nominal amount of forced liquidations across the network, including both long and short positions, was approximately $150 billion, corresponding to a daily average of about $4–5 billion in routine leverage reshuffling.
On the vast majority of trading days, the scale of long and short liquidations remained in the range of tens of millions to billions of dollars, primarily reflecting daily margin adjustments and short-term position unwinding in a high-leverage environment, with limited medium- to long-term impact on prices and market structure. Systemic pressure of real significance was concentrated in a few extreme event windows, with the mid-October 10·10–10·11 deleveraging event being the most typical.
