A liquidation is the forced closing of a leveraged BTC position when its margin can no longer cover losses. You can't see future liquidations, but you can read the conditions that make them more likely: how much leverage is committed (open interest), how one-sided positioning is (the long/short ratio), and the cost of holding it (funding).
When Bitcoin open interest builds while positioning leans heavily one way and funding stretches, a move against the crowd can cascade as positions are flushed at once. The snapshot above is the public read on that leverage backdrop for BTC.
The Edge streams the real BTC liquidation tape — actual prints from OKX and Bybit with 1h/24h aggregates — next to a 400-level depth heatmap, so you can watch leverage reset live rather than infer it.