Crypto markets saw a sharp bout of forced deleveraging over the past 24 hours, with roughly $359.27 million in leveraged positions liquidated—an event that underscored how crowded derivatives positioning had become in Bitcoin (BTC) and Ethereum (ETH) even as spot prices moved only modestly. The liquidation wave was driven less by a one-way directional collapse and more by volatility whipsawing both sides of the book.
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