According to @KobeissiLetter, crypto liquidations surged to $900 million in the last 24 hours as Bitcoin (BTC) fell toward $84,000 (source: The Kobeissi Letter, Dec 1, 2025). According to @KobeissiLetter, Bitcoin erased roughly $120 billion in market capitalization over the same period with no specific market-moving headlines identified (source: The Kobeissi Letter, Dec 1, 2025). According to @KobeissiLetter, the author cautioned that leverage is a dangerous game amid the rapid drawdown (source: The Kobeissi Letter, Dec 1, 2025).