🔁 How $555M vanished overnight with no bad news: a cascade.

1️⃣ Too many longs pile up
2️⃣ One sell eats the bids
3️⃣ Price drops to the next stop-loss
4️⃣ That fires, eating more bids
5️⃣ Repeat

88% of last night's wipeout was longs.

How far it runs depends on one thing: how deep the order book is. 👇

#Bitcoin #Liquidations #Leverage
Source: The Block, Coinglass, 24h to 05:00 UTC 7 Oct. Not financial advice. DYOR.