+500 million in liquidations tonight

~840 million last 24 hr

~500 million last 1 hour

https://www.bybt.com/LiquidationData

one long alone got liquidated for 130 million ETH

https://twitter.com/hsakatrades/status/1453277837897699335?s=21

then masses stop-losses go off and it’s in free fall

and likely bigger triggering limit buys (plus dip buyers) and we got the 1 hour crash and bump

still pretty crazy that so much liquidated but primarily in BTC and ETH but they likely held a lot of alts too and all hit the market at once in the middle of the night with mostly just — with kor traders busy with 1inch lol — limit buys to pick up the slack

edit: worth emphasizing for clarity it was bulls not bears — leveraged longs. i also comment a eli5 below