Just went back through yesterday's charts and man, the liquidation cascade was wild. Bitcoin dropped below 75k for the first time in ages, and that single move triggered something like 237 million in forced BTC liquidations in one day alone. Over the week it was 2.16 billion, past month over 4.4 billion. That's not a one-day thing, that's been building. So why crypto market is down becomes pretty obvious when you look at the leverage unwinding. Open interest in perpetual futures dropped 4.4% in 24 hours, wiping out 26 billion in exposure. Over a month? Total derivatives OI is down 34%. This has been a slow bleed of leverage leaving the market, not just panic selling. The thing that gets me is how Bitcoin dominance in derivatives means when BTC gets hit, everything else follows. Altcoins got crushed because traders were cutting risk across the board. Not because of one headline or event, just pure selling pressure and risk-off sentiment everywhere. Stocks in Europe were weak too, so it wasn't just crypto. Strategy team had like 900 million in unrealized losses on Bitcoin which didn't help sentiment in an already fragile market. The key question why crypto market is down right now is really about deleveraging and whether Bitcoin can hold key support levels. If it breaks below 70k that's a whole different story. Until liquidations slow down and Bitcoin stabilizes, we're probably looking at continued volatility. Rebounds keep getting sold into because everyone's nervous. Interesting to see how it plays out from here though.