A clear sign of massive market-wide deleveraging is this dark line on the funding rate heatmap.
During the crash, virtually all cryptoassets registered negative funding rates, revealing extreme selling pressure caused by the liquidation of long contracts.
This type of configuration was only seen on such a large scale and widespread in November 2022, during the collapse of FTX.
This type of "reset" in the leverage structure typically coincides with spikes in market fear, a type of structure that clears leverage and favors healthier recoveries in the medium term.