Over $1.1B Liquidated in Past Hour, BTC $630M

The scale of forced selling within a single hour points to a market where leveraged positioning had built up faster than liquidity could absorb, a structural condition rather than a directional signal. Bitcoin absorbing the majority of liquidations matters because it is the collateral of last resort across the ecosystem, so stress there transmits to altcoins and DeFi credit markets. Whether this is a one-off deleveraging or the start of a deeper unwind is the open question; the next tell is whether liquidation clusters keep forming on subsequent moves.