What a cascade is
When price moves sharply against a crowded leveraged side, forced closes add more selling (or buying) to the move, which forces more closes. The result is a fast move driven by leverage rather than by a change in structure.
Step 1: watch the Liquidation Feed
The Liquidation Feed on Market Ranking and Discovery Intelligence shows the total notional of recent forced closes, whether sell or buy liquidations dominate, the number of liquidations and the pairs with the largest amounts.
Step 2: check funding
Funding Anomaly lists assets where the cost of holding a leveraged position is far from normal. A high anomaly score means positioning on that asset is crowded on one side, which is the fuel for a cascade.
Step 3: check the large trades
Top Trader Flow measures net buying versus selling from the largest trades, worked out from trade size. When large-trade flow leans against the crowded side, that side is under more pressure.
Step 4: check the book and volatility
During a cascade, LBI often reads Liquidity Dry Up or Liquidity Collapse and the Volatility Regime turns stressed. Depth Stream shows whether net flow is still one-sided or starting to balance.
Reading the end of the move
Heavy liquidations with crowded funding can mark the end of a forced move rather than the start of a new one.
Wait for liquidations to slow and the book to refill before reading structure again.
Check MSI afterwards: a return to a readable regime matters more than the size of the bounce.