According to CoinMeta, data shows that SOPH experienced a total margin call of $9.11 million in the past 24 hours, with short positions suffering a margin call of $5.51 million and long positions a margin call of $3.6 million. The overall amount has surpassed that of ZEC (about $8 million). Among the exchanges, Binance had the largest margin call, with a total of about $4.96 million in long and short positions over 24 hours, accounting for more than half of the total margin calls. Followed by Bybit, with a margin call of $1.58 million, and OKX with about $1.08 million. In terms of structure, SOPH underwent significant two-way liquidations in the past 24 hours: initially, there was a push upward that squeezed the shorts, followed by a rapid decline that led to concentrated liquidations of the longs.