The week started with fresh all-time-highs; it ended with Friday’s crash exposing fragile, crowded use of leverage. Alts down ~50% intraday; BTC ~‑10%. Liquidation cascades across perps; forced selling and thin liquidity deepened moves. New highs bred confidence; confidence bred leverage; leverage bred fragility. Like a nightclub with one exit: great vibe until the fire alarm goes off.
What to do now? Separate signal from noise—size for resilience, not perfection. The signal is leverage fragility...