THIS IS WHAT A REAL FLUSH LOOKS LIKE Charles Schwab, one of the largest financial institutions in the world, said the #Bitcoin selloff was driven by a full liquidation event. They described a market where momentum broke, funding rates turned deeply negative, implied volatility spiked above 90, and long positions were forced out. From their perspective, that kind of washout often marks a local bottom, which is why they began positioning for a rebound on behalf of institutional clients. Schwab also explained how the move fed on itself. Retail borrowers using Bitcoin-backed loans were margin-called and forced to sell, while institutional clients with large $BTC holdings were able to meet margin requirements without selling. Their takeaway was simple: this wasn’t fundamentals breaking. It was leverage getting flushed -- and the recovery that followed looked healthy.