BlackRock: This Bitcoin crash feels more like a market-wide leverage purge rather than a shift in Bitcoin's long-term fundamentals. When BTC hit an all-time high last October, the market had accumulated over $90 billion in open futures positions, with a significant portion coming from high-leverage perpetual contracts. After a risk event occurred, forced liquidations began, wiping out around $20 billion in open contracts in just one day. Over the following months, multiple rounds of liquidations pushed the price back down to around $60,000.