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Yesterday's flash crash in the cryptocurrency market left many people stunned. The rally was still approaching 80,000 during the day, but it plummeted sharply in the evening. Let's first review the scene: · Bitcoin successively broke through the 78,000 and 77,000 levels, briefly falling below $77,000. · Ethereum falls below $2400 · Solana plummeted by approximately 11.5% during trading. · XRP suffered the most, plummeting 37% in just a few minutes, losing about $0.60. The margin call data is even more alarming: · Within one hour of intraday extremes, the entire network liquidated $523 million, with long positions accounting for $448 million in liquidations. · Within 24 hours, 286,130 people were liquidated, and the total liquidation amount across the entire network exceeded $1.801 billion. · The largest single liquidation occurred on Hyperliquid's BTC-USD, amounting to $24.96 million. · XRP hit a single line, with over $500 million in long positions liquidated within minutes. Why did it suddenly collapse? After gathering information from multiple sources, the reason is actually quite clear—it wasn't a black swan event; it was the leverage that collapsed on its own. Reason one: The previous short squeeze was too intense, and the accumulation of long-side leverage turned into a powder keg. From August 19 to 21, the market had just experienced a short squeeze with a nominal value of nearly $3 billion. Bitcoin was pulled up from $64,000 to above $77,000, rising 20% in three days. This violent surge attracted a large amount of chasing funds, and it was high-leverage chasing—something retail investors love to do. Reason Two: A series of short squeezes at high positions triggered forced liquidations. When the market reaches technical resistance and a preliminary pullback occurs, the crowded high-level long positions quickly fall below the maintenance margin. The system triggers automatic liquidation, placing market orders that breach the defenses of other accounts— A chain reaction, a stampede of buyers, and the entire market collapsed within minutes. $BTC