Last Friday saw an unprecedented crypto market meltdown, with Bitwise's Jonathan Man calling it the "worst liquidation event in crypto history." Over $20 billion was wiped out, including a rapid 13% Bitcoin drop.
Crucially, an estimated $65 billion in open interest was erased, effectively resetting market positioning to July levels. This massive deleveraging, while painful, has cleared out significant leverage, potentially setting the stage for a new phase in the market.
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