Part 2/15:
The magnitude of last week's crash was unprecedented. Over $19 billion in leverage positions were wiped out—far surpassing previous liquidation events like the COVID crash, Terra Luna collapse, or the FTX meltdown. In terms of market value, around $380 billion evaporated within hours. Bitcoin, which had hovered around $121,000, plunged to $102,000, with some charts even recording dips to $104,000. Many altcoins lost 50% or more in mere minutes, creating chaos across exchanges and triggering a cascade of liquidations.