In just one hour, over $400 million in long positions across the market got liquidated. In the past 24 hours, $540 million—88% of it long positions—was wiped out. $BTC only dropped a little over 2%. Borrowed money gets cut first, while spot holdings remain untouched. The first to fall was $ETH. It alone accounted for $175 million. $BTC only took $143 million. The largest single liquidation was $26.64 million—a long $ETH position on Binance. This morning, I bet $ETH wouldn’t outperform $BTC this week. Day one, and it’s already proving true. $ETH dropped 4.8%, while $BTC only fell 2.7%. Wherever borrowed money piles up, that’s where it collapses first. Market-wide contracts only shrank by a little over 2%. Borrowed money is still sitting on the books. Meanwhile, something else happened that no one’s paying attention to: The government sent 833 $BTC into Coinbase Prime, along with 40,000 $BNB—totaling $103 million. They’re still holding 324,000 $BTC in reserves. This seller doesn’t care about price or give any warnings. I’m betting there’s a second wave of deleveraging coming. $ETH will be the first to get hit again. As for $BTC, I’m holding onto it.