According to BlockBeats, data from Coinglass on July 5th revealed that global liquidation has surged to $600 million in the past 24 hours. The report indicates that the majority of this figure, $536 million, was from long positions being liquidated, while short positions accounted for the remaining $78.13 million. This significant increase in liquidation across the network signals a volatile period in the market. However, the specifics of the contributing factors to this surge were not detailed in the report. Further analysis and monitoring of the market trends are required to understand the full implications of this development.