Just checked the charts and the whole market's getting hammered again. BTC dropped hard, taking everything else with it. I'm seeing why is the crypto market down right now - it's not just one thing, it's a cascade of liquidations wiping people out. Over a billion in BTC shorts got liquidated in the past week alone, and that triggers more selling, which triggers more liquidations. Classic death spiral.

BTC's bouncing around $71K area now. The reason the crypto market keeps selling off like this is because leverage is getting flushed out everywhere. Perpetual futures open interest dropped 4.4% in one day - that's $26 billion in exposure gone. People are cutting risk across the board, so alts are getting destroyed too. Even the broader market's risk-off, so it's not just crypto.

Why is the crypto market down so much? It's the combination of forced selling, big holders with massive unrealized losses, and everyone deleveraging at the same time. The key to watch is whether BTC can hold above $70K support. If it breaks that, we might see even more capitulation. Until liquidations slow down, this volatility probably stays high.