Just caught up on yesterday's market action and wow, the cascade was brutal. Bitcoin tanked below $75K for the first time in ages, and that single break triggered a domino effect across the board. Ethereum got hit harder at -6%, while most other major coins followed suit. But here's what actually crashed the market - it wasn't one headline or news event. It was pure mechanics: leverage getting flushed out. Over 24 hours alone, roughly $237 million in BTC long positions got liquidated. That's not even the crazy part. Last week? $2.16 billion in liquidations. Last month? Over $4.4 billion. This tells you leverage has been unwinding for weeks, not just today. When Bitcoin drops hard, those liquidations turn into forced sell orders, which pushes it lower, triggering more liquidations. It's a feedback loop. Because Bitcoin dominates derivatives markets, all that selling pressure spills into altcoins as traders panic-cut positions everywhere. Open interest in perpetual futures dropped 4.4% in one day alone, wiping out $26 billion in exposure. Over the month, derivatives open interest is down around 34%. Add in some big wallet unrealized losses and a broader risk-off mood across traditional markets, and you've got the perfect storm for why crypto went down so hard. The real question now is whether Bitcoin can hold above support or if we're heading lower.