$19B Crypto Liquidations Didn’t Mean $19B in Losses. Real Losses Were Far Smaller

Key Takeaways: Liquidations from the recent market sell-off resulted in real losses of only $950M to $2.85B for traders. The rest was simply phantom leverage, synthetic exposure that was rapidly unwound. Experts say large-scale liquidation events are needed to “cleanse the system from running on excess leverage fumes.” The Friday, …