$19B crypto market crash was ‘controlled deleveraging,’ not cascade: Analyst

Analysts say most of the record $19 billion crypto liquidations were organic deleveraging, but other traders accuse market makers of deepening the crash.

Friday’s record $19 billion crypto market liquidation event has left traders divided, with some accusing market makers of a coordinated sell-off while analysts point to a more natural deleveraging cycle.

Friday’s flash crash saw open interest for perpetual futures on decentralized exchanges (DEXs) fall from $26 billion to below $14 billion, according to DefiLlama.

Crypto lending protocol fees surged past $20 million on Friday, the highest daily total on record, while weekly DEX volumes climbed to more than $177 billion. The total borrowed across lending platforms also dropped below $60 billion for the first time since August.

Read more