Just noticed Bitcoin dropped below 75K and the whole market followed suit. Over 237 million in BTC longs got liquidated in a single day, which is wild. The real story here is why the crypto market is down so hard - it's not one headline, it's pure deleveraging. Open interest in perpetual futures tanked 4.4% yesterday alone, wiping roughly 26 billion in exposure. Looking back at the month, derivatives OI is down around 34%, which tells you leverage has been unwinding for weeks now. When Bitcoin finally broke that 75K support, it triggered a cascade of forced selling. Each liquidation became a market sell order, pushing the price lower and setting off more liquidations. That's why the market is down across the board. Altcoins got hit especially hard because traders were cutting risk everywhere. The broader market isn't helping either - European stocks weakened and people are getting nervous about tighter monetary policy. Large holders showing unrealized losses hasn't helped sentiment. Right now Bitcoin holding above 75K is the key. If it stays there, we might see some stabilization. Break below 70K and we could see more pain. Volatility staying elevated until liquidations slow down.