Liquidation data: $1.675B wiped in 24h, 280K traders liquidated

A liquidation cascade of this scale is a positioning event more than a price event: it signals that leverage had built up faster than spot demand could absorb, and that a single move was enough to force broad deleveraging. The traders hit are the marginal leveraged cohort, not long-term holders, so the immediate read is a cleaner market with less crowded positioning. Whether that reset actually stabilizes things, or merely clears room for leverage to rebuild, is the open question worth watching.