Just been tracking the liquidation numbers and it's pretty wild how much leverage is unwinding right now. We're talking $237 million in BTC longs liquidated just yesterday, and over the past month that number balloons to $4.4 billion. That's not a one-day thing - this has been building for weeks.

So here's why crypto keeps getting hit: Bitcoin drops, forced selling kicks in, which triggers more liquidations, which pushes it lower. It's this feedback loop that's been dragging alts down with it. Open interest in perpetual futures dropped about 4.4% in a day alone, wiping out $26 billion in exposure. When you look at the month, total derivatives open interest is down around 34%. That tells you how much deleveraging is actually happening beneath the surface.

It's not just one headline or one catalyst. There's nervousness around large holders, some pretty significant unrealized losses floating around, and the broader market is in full risk-off mode. Stocks are struggling too, so it's not isolated to crypto. The sentiment has gone pretty extreme.

Right now everyone's watching if Bitcoin can hold key support levels. If it stabilizes, we might see some relief. If it keeps breaking down, we're looking at more pressure. Until the liquidations actually slow down and we see some stability, expect volatility to stay elevated and any bounces to struggle. It's a deleveraging cycle playing out in real time, and that's what's really driving why crypto is crashing at the moment.