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).