The $LIGHT market just experienced a full-scale flush, not a typical pullback. In merely 5.5 hours, its price plummeted over 77.7%, effectively wiping out late leverage in what many would call a textbook "harvest" scenario. 📉

The scale of activity was staggering. 24-hour trading volume exploded to $2.13B, briefly positioning #LIGHT among the top 3 on Binance Futures, only behind BTC and ETH. The extreme volatility fueled significant liquidations, with $4.84M in both long and short positions wiped out, as reported by Coinglass. 💥

However, the story doesn't end there. Despite the crash, Open Interest (OI) saw a sharp decline from $53.32M to $18.79M, primarily due to price compression rather than widespread position closures. Interestingly, contract holdings *increased*, jumping from 11.97M LIGHT to 18.79M LIGHT. 💡

Adding another layer, large holders appear to be leaning long, with the whale long-short ratio climbing to 1.63. This suggests a nuanced positioning among key players. 🐋

Therefore, while the price faced a brutal correction, the underlying positioning data reveals a more complex narrative. Weak hands were indeed cleared, and leverage reset, but conviction players might still be actively engaged. This event appears to be more of a market reset than a final collapse, indicating the battle for $LIGHT may not be over. 🚀

{alpha}(560x477c2c0459004e3354ba427fa285d7c053203c0e)
(LIGHTUSDT)