The biggest crypto liquidation in history just detonated: $19 billion vaporized in a single day, 1.6 million traders margin-called into oblivion, altcoins falling like dominos. Yet through the chaos Bitcoin proved, once again, why it is the apex collateral.
In this deep-dive Adam Livingston breaks down:
– What ignited the sell-off and why a tariff headline became gasoline on an already smoldering derivatives market.
– Minute-by-minute carnage on the order books, including the $87 million liquidation that torched HTX’s ledger.
– Bitcoin vs. everything else — BTC dropped a modest 10 percent while mid-cap alts collapsed 30 to 60 percent, widening Bitcoin’s market dominance to over 60% percent.
– Funding-rate free fall and the mechanics of forced long liquidations that turned bullish leverage into nuclear sludge.
– Why Bitcoin bounced back first, backed by deeper liquidity, lower effective leverage, and a pristine macro narrative.
– What comes next for volatility, exchange risk controls, and the inevitable rotation of capital from unstable alt bets into hard-capped Bitcoin.
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