Matt Hougan, chief investment officer at Bitwise, assesses crypto markets following a historic price plunge. Despite the largest leveraged liquidation event in history, analysts credit blockchain’s inherent stability to the resilience of crypto infrastructure. Hougan argues that while individual investors suffered significant losses, major institutions remained unscathed. This suggests that DeFi platforms functioned seamlessly during turbulent times, with Uniswap, Hyperliquid and Aave reporting no noticeable impact. Some exchanges faced technical challenges but ultimately recovered, highlighting the ongoing evolution of cryptocurrency trading. 20 billion dollars in leveraged positions were liquidated across exchanges, marking a significant shift in market dynamics. Despite Bitcoin’s dip to approximately 104,600 dollars before recovering to near its previous peak, Hougan attributes the sell-off to heavily leveraged traders rather than fundamental shifts in the crypto sector.