POPA Recon$1.25B liquidated in 24 hours - while BTC broke under $67K
$1.25B liquidated in 24 hours - while BTC broke under $67K $1.13B in longs vs just $121.64M in shorts, 90% of all liquidations were leveraged longs caught leaning the wrong way. The cascade built fast across the curve: $283M wiped in the last 1h, $749M over 4h, $918M over 12h. What's driving it: • Middle East risk - U.S. airstrikes on an Iranian military site near the Strait of Hormuz broke the recent ceasefire optimism and triggered the cascade. • ETF bleed - U.S. spot Bitcoin ETFs saw nearly $700M in net outflows in the final week of May, amplifying the downside • Strategy cracks - Strate…
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