A7L INSIGHTS

$108 Billion erased from market in just 6 minutes.
$500 million in longs liquidated in 30 minutes.
Here is exactly what happened.
The total crypto market cap was at $2.66 trillion at 1:00 AM UTC.
Just $6 million in long liquidations at that point.
Then the flash crash started and within 6 minutes it had dropped to $2.55 trillion.
$108 billion wipeout in 6 minutes.
Total long liquidations exploded to almost $500 million in just 30 minutes.
Bitcoin was at $78,500 when the crash started.
That forced selling pushed the price down, which triggered more liquidations, which pushed it down further.
Bitcoin hit $76,500 in 6 minutes.
A $2,000 drop.
By 1:30 AM UTC, total long liquidations had reached $467 million in just 30 minutes.
It was not just Bitcoin.
Ethereum had just hit a new 7 month high.
It was at $2,530 before the crash.
It dropped to $2,380 in 6 minutes.
That is a 5% crash with no news and no catalyst.
XRP got hit even harder.
$XRP dropped 18% in 6 minutes.
From $1.70 to $1.38. It was the hardest hit of the three.
It has recovered slightly since but remains well below where it was before the crash.
Before the flash crash $XRP had more than a 70% run in just 4 days and hit a new 7 month high of $1.69.
Now look at what triggered all of this.
Every bar before 1:00 AM UTC is near zero.
Then a single bar shoots to nearly $450 million, ten times larger than anything else in the past 24 hours.
That is the moment the liquidation cascade started.
Zoom out and the picture gets even more extreme.
August 15 to 18 is completely flat.
Then August 19, 20 and 21 are dominated by massive short liquidations as Bitcoin ran from $63,600 to $79,500.
Now August 22 shows a massive long liquidation spike as the market pulls back.
In 4 days, more than $4.5 billion in long positions have been wiped out across crypto.
This was the 7th largest liquidation event in crypto history.
Altcoins lost $53 billion in 6 minutes.
TOTAL3, which tracks all crypto excluding Bitcoin and Ethereum, fell from $784 billion to $731 billion in a single candle.
A 6.7% drop while Bitcoin only dropped 2.5%.
Altcoins always get hit harder when a cascade runs through the market.
$4.5 billion in longs wiped out in 4 days as Bitcoin ran from $63,600 to $79,500.
Then $500 million of those longs got wiped in just 30 minutes on the way back down.
This is what a highly leveraged market looks like.
Both sides get destroyed.
$YB $ZRO
$BTC