The weekend futures market has had another incident. I looked at the liquidation data, and nearly $1 billion in positions were forced to close within 24 hours, with Ethereum suffering the worst, wiped out by $385 million. Bitcoin also didn't fare well, with $188 million erased. Solana and Ripple were liquidated for over $80k each, along with a bunch of smaller tokens also caught in the fallout.

Interestingly, this round of liquidations was almost entirely long positions being cut, with hardly any impact on shorts. It seems traders were all caught in the same direction, and as weekend futures liquidity thinned out, leverage automatically reset. Prices indeed dropped sharply—Bitcoin briefly fell below $80k, Ethereum broke support levels, and altcoins declined even faster.

Even more outrageous, tokenized silver was dragged into the chaos, with liquidation scales quite alarming. This indicates that crypto exchanges have now truly become a quick channel for macro trading, where almost anything can be leveraged. The volatility from weekend futures has thus propagated across various asset classes.

Another side note is the WLFI token from World Liberty Financial, which dropped to its lowest point since launch last year, falling over 14%. The reason is that this project used its governance token as collateral to borrow stablecoins, even draining a liquidity pool from a DeFi platform. The problem is, when WLFI's price drops, the collateral becomes water, creating a cycle risk that’s too big—platform depositors’ withdrawals are also restricted as a result.

Overall, this weekend’s futures liquidations seem more like mechanical adjustments rather than genuine panic. But whether things can stabilize next depends on how quickly leverage is rebuilt after the market opens. If traders continue to increase leverage, the next downturn could really hit hard.