The crypto market shed nearly $100 billion in just 19 hours, with total capitalization sliding from $3.02 trillion down to $2.93 trillion.

But here's the thing—this pullback looks more like a leverage flush than any meaningful trend reversal. Late entries got liquidated, funding rates are resetting across the board, and spot positions are holding their key support levels intact.

Nothing out of the ordinary. Volatility doing what volatility does in these markets. The structure remains, even if the price action is throwing some noise around.