Crypto enters Q3 with thinner liquidity, less leverage

Bitcoin and Ether long liquidations totaled $8.35 billion in Q2, clearing speculative positions. Bitcoin open interest fell 32% to $33.5 billion, Ether open interest dropped 40% to $16.2 billion. Bitcoin's 2% order-book depth halved to $35-40 million, and spot exchange volume declined 28% to $2.32 trillion.