According to the source, more than $218M in crypto long positions were liquidated in the past hour across derivatives venues. Source: the source. Rapid liquidation clusters historically coincide with sharp open interest drawdowns, wider spreads, and elevated intraday volatility that can extend near-term price moves. Source: Kaiko Research, 2023 Liquidity Review. Traders should verify liquidation totals on independent dashboards and track funding rates, aggregate open interest, and liquidation heatmaps to assess whether deleveraging is complete. Source: CoinGlass liquidation data and methodology; Binance Research, 2023 Derivatives Insights. Historical studies show that continued declines in open interest alongside negative funding often precede further downside, while stabilization in open interest with normalizing funding frequently precedes relief rebounds. Source: Glassnode Insights, 2022 Futures Market Structure.