According to CoinMeta, the open interest of the MU contract on the chain has dropped to approximately $138 million, a decrease of over 50% from its peak. Currently, the open interest of the mu-USDC perpetual contract on hyperliquid is $138 million, marking a new low in nearly two and a half months. In the past 24 hours, contract liquidations were mainly concentrated among long positions. The liquidation addresses show that „kvyadav1:vishnuvamsi.ETH“ had $77,700 in long liquidations, 0x4a...8f7b had $55,900 in long liquidations, and 0x59...7716 had $55,500 in long liquidations. In terms of position concentration, the top1 address holds approximately $9.65 million, accounting for 7%; top5 holds a total of approximately $35.92 million, accounting for 26.1%; and top10 holds a total of approximately $54.36 million, accounting for 39.5%. The sharp drop in open interest to $138 million, combined with a daily price decline of nearly 7%, indicates that the leveraged long positions accumulated earlier are being actively liquidated at an accelerated pace. In the short term, it is necessary to pay attention to the movements of the top holding addresses.