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 five-minute liquidation buckets inside each cascade window, single methodology, no rolling-aggregate inflation. It resolves for 329 of 353 events (93.2%); the remaining 22 are shown as “—” with every other field intact, because the cascade is documented even when its notional is still being reconciled.

Correction — one cascade was being counted many times Until 19 August 2026 this archive counted 475 rows where there were 353 distinct cascades. The detector emits a new row on each cycle while a cascade is still extending — the same event, its start marching forward in five-minute steps against a fixed end, each row capturing slightly less of the same window. That inflated the count by 122 rows (26%). One figure we previously published was wrong because of it. The overlap rate was stated as 41% of cascades sharing a minute with another; almost all of that was a cascade overlapping itself, not genuine cross-cascade overlap. Measured on distinct events it is 40 of 353 (11%). The liquidation total did not move: it was already deduplicated over distinct minutes, so the double-counting never reached the dollar figure.

Why the archive total is smaller than the sum of its rows Detection windows can still genuinely overlap: 40 of 353 cascades (11%) share at least one minute with a different cascade in the same market. The archive total published above is therefore deduplicated over distinct liquidation minutes — every liquidated dollar counted once, $2.376B across 3,799 distinct minutes. Adding up the per-event figures in the table gives a larger number ($2.510B, 6% 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.