Monday's slide could be written off as holiday-thinned books, but Tuesday's had a concrete cause in forced closure of leveraged long positions. After a second failed attempt at the $80,335 to $82,239 band, the $79,237 support broke overnight and price nearly reached $78,632, bottoming at $78,707 before recovering. Open interest sits at $52.97 billion, up 14% on the month, with funding rates low at 2.35% annualized, which points to spot-driven demand rather than overheated leverage even as liquidation risk stays elevated.