CASHCAT 24h drops 16.06% to price 0.0976. OI also falls 15.45% to 19.53M. The drop closely matches the price decline, indicating proactive deleveraging rather than a panic-style squeeze. Hyperliquid accounts for 68%—the largest share in the whole market—with a 24h drop of 19.93%. Within the most recent 4 hours it has fallen another 9.26%; despite reducing positions, deleveraging is still accelerating. Bybit’s share is 25%: it bucked the trend with +3.27% and added positions against the market. In the past 24 hours, the whole network liquidated $0.4371M, and 99.97% of it (0.4370M) was long liquidations—nearly entirely long positions were buried in one direction. The funding rates for the two main players, Hyperliquid and Bybit, are both positive; the annualized rate is roughly 20–30%, which is moderate and not overheated. Data from coinboss.com/currencies/CASHCAT