Selected cascades, reconstructed from the archive.

Archive methodology Every row is a real 2026 leverage cascade detected by CRI and reconstructed from the liquidation record. Liquidation notional is atomic — the sum of per-minute liquidations inside each cascade window, single methodology, no rolling-aggregate inflation. It resolves for 428 of 452 events (94.7%); the remaining 22 are shown as “—” with every other field intact, because the cascade is documented even when its notional is still being reconciled.

Why the archive total is smaller than the sum of its rows Detection windows can overlap: 190 of 452 cascades (42%) share at least one minute with another cascade in the same market. The archive total published above is therefore deduplicated over distinct liquidation minutes — every liquidated dollar counted once, $1.720B across 3,488 distinct minutes. Adding up the per-event figures in the table gives a larger number ($2.112B, 23% higher), because minutes shared by overlapping windows would be counted more than once. Both figures are correct for what they measure: each row states the notional inside its own cascade window, and the archive total states what was actually liquidated. Non-events, misses and the full signal record are reviewed during evaluation-stage methodology sessions.