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The market needed one hour to erase a crowded trade. Hot U.S. PMI pushed the 10Y Treasury yield back above 5%. Crypto reacted fast: about $238M was liquidated in a single hour—roughly $230M of it longs. That’s a ~34:1 imbalance. Today’s chart wasn’t mainly about a token catalyst. It was leverage discovering that bonds still run the room. #BTC87KCryptoCap3T