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.

According to @rovercrc, roughly $3 billion of open interest in Bitcoin (BTC) and Ethereum (ETH) was wiped out within minutes, indicating a rapid deleveraging event in crypto derivatives markets (source: Crypto Rover @rovercrc on X, Aug 24, 2025). For traders, fast open interest flushes typically coincide with liquidation cascades and short-term volatility spikes in BTC and ETH perpetual futures, warranting tighter risk controls and monitoring of funding rates and liquidation data (source: Kaiko crypto derivatives research, 2024; CME Group education on open interest behavior).