Analysts said most of the record $19 billion crypto liquidation was organic deleveraging, but other traders accused market makers of deepening the crash.
Friday’s record $19 billion crypto market liquidation event has left traders divided, with some accusing market makers of a coordinated sell-off while analysts pointed to a more natural deleveraging cycle.
Friday’s flash crash saw open interest for perpetual futures on decentralized exchanges (DEXs) fall from $26 billion to below $14 billion, according to DefiLlama.
Crypto lending protocol fees surged past $20 million on Friday, the highest daily total on record, while weekly DEX volumes climbed to more than $177 billion. The total borrowed across lending platforms also dropped below $60 billion for the first time since August.
