172M in longs liquidated in 60 minutes. This is not a healthy correction.

Everyone is calling this a dip to buy. The data says otherwise. Over $172M in BTC and ETH longs were force-closed in a single hour. That is overleveraged traders getting flushed.

Liquidation cascades are self-reinforcing. Each forced sell triggers the next stop loss. The cascade only stops when excess leverage is fully unwound.

Historically, single-hour liquidations above $150M mark capitulation zones. But capitulation clears weak hands without automatically reversing the trend.

At what price would you consider this flush complete rather than the start of something deeper?