$19b liquidation cascade dropped open interest from $67b to $48b. bitcoin holding $61k ethereum at $2.4k. if open interest crosses $55b within 7 days traders are re-leveraging too fast another cascade coming. slow rebuild over 2-3 weeks means spot accumulation drives the next leg. leverage resets create 2-4 week windows where spot buying moves price 3x normal impact. whales added 12,400 btc in 48 hours post-flush
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