Bitcoin's push toward $76,000 on Tuesday triggered $527 million in liquidations across crypto derivatives, with shorts getting the worst of it.

The move wiped out positions that had been built up during the weekend's peace-talk collapse and blockade headlines. Funding rates flipped sharply positive as leveraged longs piled in after the squeeze.

Today's 3% pullback is already unwinding some of that crowd. This is why leverage gets punished in range-bound markets. Everyone gets in late, then gets flushed at the turn.