$ETH took about 60% of yesterday's liquidations, roughly 283 million out of 483 million across BTC and ETH futures.

Half this hashtag is reading that as ETH being weak. That is the wrong conclusion.

ETH carries far less open interest than BTC. Taking 60% of the liquidations on a smaller book does not mean ETH was weaker. It means ETH was more crowded per dollar of open interest. Price did about 6% against BTC's 3%, and the leverage sitting on it did the rest.

Liquidations do not cause the move. They are the move arriving at positions that could not survive it.

And this is measurable before it happens, not after. Open interest relative to market cap, and funding. When both are stretched on one asset while the macro turns, that asset is the one that gets picked off. It was ETH this time. It will be something else next time.

The post mortem everyone writes is that ETH dumped. The one worth writing is that the crowding was visible first.

Where do you actually look for crowding before a cascade?

#EtherTook60%OfCryptoLiquidations