Just caught something wild - a 61.5 million dollar BTC to USDT liquidation just went through on HTX. That's the biggest single hit in the last day. Bitcoin dropped from 68,600 down to 64,300 in like a couple hours, wiping out what looked like a solid weekend. Over 467 million total got liquidated across the market, mostly longs that got caught off guard.

The Fear and Greed Index just tanked to 5, which is basically extreme fear territory. Only happened a few times since 2018. Everyone's talking about how we're 48% below the October high now, and traders keep trying to reload longs into every little bounce, just to get flushed again. It's that same cycle repeating - rally, liquidation, reset. The seven-day realized losses for recent buyers are still sitting around 500 million a day according to the data, so people are still capitulating even after things cooled down a bit.

Looks like leverage got cleared out but the pattern's still there. Every time there's a bounce, traders are back with leveraged positions and the market punishes them for it. Feels like we're gonna keep seeing this until something actually changes.