That sharp $100M long liquidation in the last hour was a brutal reminder.

The market just engineered a classic leverage shakeout. Too many crowded longs, a dip, and then the cascade of stops and liquidations did the work.

This kind of flush either cleans out the weak hands to set a higher base, or it reveals there's no buy-side support. We'll see which it is soon enough.

Either way, volatility is back with a message: over-leverage gets punished. Always.

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