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The liquidation happened due to multiple factors Positioning and leverage built up across assets and a synchronized unwind accelerated the move More in wishful_cynic's conversation on The Block Media

Wintermute

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Someone is about to get destroyed by $BTC A trader opened a $14.6M $BTC long position using 40x leverage Entry: $72,637 Current price: $71,572 Liquidation: $71,238 That means BTC only needs to drop $334 more to wipe the entire position. The trader already sits at -$214K unrealized loss and the account is down $680K over the last 30 days. One small wick on BTC and $367K of margin disappears instantly. This is the kind of leverage that turns a normal BTC move into a full liquidation event.

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