Is $745 Million in Liquidations Just the Beginning? What Is Smart Money Watching After BTC’s Flash Crash?

In this BTC crash, the worst-hit may not be those who got the direction wrong, but those who got it right and used too much leverage.
The price briefly fell to $73,510 within 15 minutes, then rebounded quickly. In just one hour, around $745 million in positions across the market were liquidated, including approximately $715 million in longs.
This market move sounded an alarm: in a highly leveraged environment, even correctly predicting the direction may not be enough to withstand short-term volatility.
So, what should we watch next?
First, whether BTC can hold the $73k–$75k range. Price action here will help gauge short-term market strength.
Second, whether spot trading volume picks up. Only sustained growth in genuine buying pressure would make the rebound more convincing.
Third, whether open interest and funding rates return to normal. If leverage builds up rapidly again, the market may remain fragile.
Fourth, whether the rebound can form a higher low. If prices continue to weaken, investors should be prepared for a second test of the lows.
Was this flash crash a breather after the market flushed out leverage, or the start of greater volatility?
For investors, managing position sizes and reducing leverage matter more than predicting the next candlestick.
After all, the market offers opportunities every day, but your account can’t withstand being liquidated every day!
$NVDA

‌#BTC闪崩插针