According to @gametheorizing, crypto derivatives just saw a liquidation-style flush, with Hyperliquid open interest collapsing from roughly $15B to $6B in a single day, indicating extreme deleveraging pressure and thin perp liquidity (source: @gametheorizing). He frames the move as more akin to the May 2021 liquidation cascade after a long run-up and low volatility, rather than a single smoking-gun failure, implying leverage buildup and crowded positioning were key drivers (source: @gametheorizing). He also warns that hidden structural risks—such as using synthetic dollars as collateral and trading pre-market perps without an external funding reference—have amplified fragility as hot money chased launches and narratives (source: @gametheorizing). He highlights retail FOMO and founders prioritizing token price over robustness as accelerants, and notes speculative activity in ecosystems like Solana (SOL) alongside perp DEXs with limited depth, magnifying slippage and liquidation impacts (source: @gametheorizing).