10x Research released a report stating that the cryptocurrency market has just experienced its largest wave of liquidations since September 2021, with Ethereum at the center. Historically, such large-scale liquidations often signal local lows and increase the probability of a rebound, a view reinforced by the current negative funding rates. However, the report advises traders to carefully consider position structure, technical signals, and market pricing before "buying the dip." The report also noted that open interest in Bitcoin and Ethereum futures has surged by tens of billions of dollars, with key support levels being tested, and future market trends may hinge on this.