CoinMeta data: On October 2nd, approximately $110 million in short positions were forcibly liquidated within just ten minutes due to the rapid rebound of Bitcoin, Ethereum, and the broader market. This liquidation mainly occurred in short positions, resulting in a classic short squeeze mechanism. There was no single news catalyst that could explain this market fluctuation; therefore, this event should be interpreted through leverage and market positioning. This incident once again reminds crypto traders how leverage can quickly turn normal price fluctuations into more intense market reactions.