Beyond the Liquidation Headline: Reading Forced Flow, Open Interest, and Funding

Every sharp move in crypto still produces the same ritual: a large liquidation number hits the feed, one side treats it as a trophy, and risk talk collapses into scoreboard language. That habit is wrong. Liquidation totals are notional forced-order flow, not profit and loss. Reading them as prophecy does more than misprice a candle. It mis-educates how people manage…