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The Next Shock Will Be Different At the start of August, the carry trade unwind pressured $BTC and $ETH, but their leverage structures reveal different reactions. $BTC is driven by futures and institutional capital, so deleveraging tends to be faster and orderly. $ETH is more sensitive to DeFi, liquidations, and on-chain leverage. Falling prices can trigger another wave of selling. With $ETH, don’t just watch candles. Watch TVL, funding, and on-chain activity to identify real stress.