1011 暴跌周年回顾：衍生品主导导致 190 亿美元清算

One year later and leverage still feels like the main driver of those big drops.

The $19 billion liquidation count and shift to derivatives-driven moves suggest short-term volatility remains high. If leverage dominates again, price swings might exceed on-chain fundamentals. Mark Connors noted the four-year cycle is less reliable now, so relying on historical timing could be risky. What if macro factors override cycle predictions next time? Traders should watch open interest and funding rates closely.

Leverage dominates short-term moves, not on-chain demand. How tight should we keep position sizing after that $19B liquidation event?