This heatmap reveals key price zones where leveraged traders are likely to be liquidated — areas where long or short positions could get wiped out if the price moves aggressively.

It’s not necessarily the exchanges “hunting” stops — but rather a natural behavior of price dynamics. Still, some clusters may reflect privileged information or collective positioning, especially in past cycles.

The key idea:
Leverage doesn’t always push price up or down — it weighs on it. When too many traders are overleveraged in one direction, price often lacks strength to continue that trend… but it builds strength to move against them.