Bitcoin dropped from $68,000 to $60,000 in a single day. Everyone called it a crash. Almost nobody explained what actually caused it.

In this episode I break down the leverage problem behind February's sell-off — what open interest is, how liquidation cascades work, why $46 billion in borrowed bets got wiped out, and why BlackRock's Robert Mitchnick is warning that Bitcoin trades like a "levered NASDAQ."

I also talk about why this is actually good news, what it means if you just buy and hold, and why the people who kept it simple are the ones who came out fine.

Sources and links in the show notes.