Liquidation Data: $514M Liquidated in Past Hour, Longs Over 85%

The lopsided long share is the real signal here: this was a leverage flush, not a broad repricing, with forced selling concentrated on one side of the book. That distinction matters for anyone holding through it, since cascade-driven moves can overshoot before finding real demand. Whether the liquidations stay contained to this window or extend into a sustained deleveraging phase is the open question worth watching.