$H lost ~85% in a single 6-hour candle on Jun 8. A reported private-key compromise was the trigger — but a stack of leverage is what made the drop this violent. What the on-chain data shows: 📉 $H fell from ~$0.72 to ~$0.10 in that window, erasing a three-week ~4x off ~$0.20. 🧭 Open interest had more than tripled into the top, to ~$370M, with funding hot and positive — a crowded, leveraged long. 🔥 As spot gapped down, that book detonated: OI collapsed ~80% to ~$29M, and funding flipped to ~-2%. 📊 ~$22.8M in $H flooded onto exchanges in the same window — the largest single 6h inflow of the entire run. The exploit was the spark. The leverage was the fuel. (researched with Santiment MCP + Claude)