According to CoinMeta, the liquidation risk for the S&P 500 is concentrated around $7,430, with the upward liquidation pressure possibly being 1.6 times that of the downward pressure. The current S&P 500 index is at 7,744.6 points, and the range from $7,420 to $7,430 is about 4.1% of the current price. Within this range, there are 18 long positions that could face liquidation. Among them, a whale account starting with 0x7c93 holds approximately $25.041 million in long positions in the S&P 500 at a 50-fold position size, with a liquidation price of $7,427.3 points, making it the most prominent single position in this area. Calculated based on a 5% range above and below the current price, the potential short liquidation volume above is about $74.334 million, while the long liquidation volume below is about $46.185 million, with the former being about 1.6 times the latter. If CPI drives the index upwards, the potential short liquidation volume above could be even larger. In contrast, within 5% of the current price for XYZ100, the potential short liquidation volume is about $11.96 million, which is significantly lower than that of the S&P 500.