Who actually has to sell?
The Unwind Ledger
A loss is not an unwind. A trigger is.
The eight checked futures markets carry $16.6bn of open positions, while five lending systems carry $22.5bn of loans. Those figures stay separate, and neither becomes a forced-sale total without position-level triggers.
1. Leveraged futures
A borrowed futures position can be closed by the venue when its safety margin runs out. Open bets show the size of the lane. They do not reveal the price at which every trader breaks.
BTC carries the largest open position value in this eight-asset screen at $8.2bn. The exact forced-sale ladder is withheld because the wallet-level position set is incomplete.
Which side is leaning hardest?
This counts accounts, not dollars. It tells us where many traders agree, but a hundred small accounts can still be smaller than one large one.
ETH is the most one-sided: 72.9% of accounts are long. Crowding can make a fall more fragile; it does not prove where forced selling begins.
2. On-chain loans
Borrowers can be sold when collateral falls far enough. Total borrowing shows the size exposed to loan rules. Without every account's safety margin, it cannot become a price ladder.
The five checked systems have $22.5bn borrowed. Aave V3 is the largest. The account-level safety ladder is not published because the complete position set is missing.
3. Treasury companies
A company's Bitcoin purchase price is not a liquidation price. A forced sale needs a debt deadline, a broken loan rule, an asset promised to a lender or a cash bill the company cannot meet.
Strategy holds 847,999 BTC, or 65.3% of the public-company total shown here. Concentration makes it important; it does not make the holding a forced sale.
4. Miners
A miner can lose money on production for a while. The forcing clock is usually cash, power bills, debt and access to funding—not the estimated cost of one coin.
RIOT has the weakest 30-session share move at -5.3%. That is market pressure, not proof that it must sell Bitcoin.
Do not add the four rows
Futures and on-chain loans can break at a price. Companies and miners often break at a date or contract condition. Adding them would mix different people, different clocks and overlapping Bitcoin.
Price-triggered
Futures and on-chain loans. Publish a ladder only when the underlying positions are complete.
Contract-triggered
Treasuries and miners. Publish a deadline only when the debt or cash obligation is documented.
Current verdict
No market-wide forced-sale total. The evidence supports pressure by lane, not one dramatic number.