Recent data from Coinbase indicates that the latest Bitcoin price crash was not triggered by high trading volume, despite over $19 billion in leveraged liquidations. Analyst Scott Melkel highlighted that while Friday's crash marked the worst in terms of volume, previous instances in July saw higher trading volumes without significant price movement. The decline was attributed to a chain reaction of forced liquidations rather than a widespread sell-off. On-chain analytics firm Glassnode characterized the event as a historic deleveraging, which eliminated over $11 billion in open interest. Additionally, funding rates plummeted to their lowest levels since 2022, underscoring the severity of the market correction.