That’s the scale of the wipeout the crypto market just absorbed, and yet — traders are back. Perpetual markets are seeing fresh activity even as fear stays the dominant mood across the space. Traders piled into leveraged positions, chasing a rally that looked unstoppable — until it wasn’t. Major financial jurisdictions, including the U.S. and the EU, have been eyeing leveraged crypto trading for a while. Activity in perpetual markets looks like engagement, but leveraged bets aren’t the same as organic buying.