◇ REPLAY · Jun 10–20, 2022
Celsius & 3AC — June 2022 Forced Deleveraging
Insolvent lenders did not just fail quietly — they sold collateral into perp markets. BTC dropped while Celsius froze withdrawals and Three Arrows Capital's margin calls became everyone else's mark price.
◆ ◇ CELSIUS & 3AC — JUNE 2022 FORCED DELEVERAGING · REPLAYBinance BTCUSDT archived OHLC (1d + 1h) + USDT-M funding
◇ accent dots mark daily wick lows (e.g. May 19 ~$30k)
STEP 1/8
A fragile ~$30k range
BTC hovers near $28–30k after the May washout — funding muted, open interest moderate. Macro stress and LUNA fallout still hang over the market, but the immediate tape looks range-bound. Fragile ranges with hidden counterparty risk are dangerous: the price looks stable until forced sellers appear.