Over $4B Liquidated in 24 Hours Across Crypto Market

A liquidation cascade of this scale is a leverage event more than a directional one, and it matters because forced selling is mechanical: it amplifies moves without reflecting any change in fundamentals. The immediate impact lands on leveraged traders and the venues and protocols that extend that credit. Whether the deleveraging is now largely complete, or merely a first wave, is the open question — and it will show up in how quickly open interest and funding rebuild from here.