2
Bitcoin price fell more than 10% from its late-January highs, briefly dropping below $81,000 before stabilizing above $82,300. In just 24 hours, the market recorded over $1.7 billion in liquidations, with Bitcoin accounting for nearly $800 million in long liquidations. BTC price is still down over 6%, day-on-day.
Most traders blamed leverage. But the data shows that derivatives did not start this crash. They only accelerated it. The real breakdown began earlier, near a critical on-chain and structural…
