Crypto Liquidations Surpass $185M in 4 Hours, 85K Traders Wiped Out

This is a leverage story more than a price story: a liquidation cascade of this size in a four-hour window signals that positioning, not fundamentals, drove the move. The roughly 85,000 traders wiped out over 24 hours suggests retail-heavy exposure to crowded, high-leverage bets, which can amplify moves in both directions. The open question is whether this flush resets leverage and calms conditions, or whether it marks the start of a deeper de-risking cycle.