The deleveraging storm is sweeping through the crypto market. ETH open interest has shrunk by 50%, and leveraged funds are exiting rapidly. BTC is approaching the critical $93,000 support level, with liquidity facing further contraction pressure. Highly concentrated Q4 futures long positions have been mostly cleared out, but ETF holdings remain highly concentrated. If the market continues to weaken, it could trigger another round of fund sell-offs. Deleveraging is often an oversold signal, and historically, such extreme deleveraging is often followed by a violent rebound.