Crypto cycles aren't only about price. They're also about leverage.

Early in a move, leverage can help push prices higher.

Later, excessive leverage becomes fragile.

Everyone starts using the same collateral. Funding gets expensive. Open interest expands. Liquidation levels cluster.

Then the market doesn't need a major fundamental shock.

A small move can trigger a much larger one because positioning has become the fuel.

$RE $HOME $BTW