Why is Biconomy (BICO) down 37.7% Today, August 10? Perpetual-Listing Euphoria Meets a 5.77x Turnover Unwind

BICO sank 37.7% despite a slightly higher broader crypto market cap, with USD 220.64M in 24h volume versus a USD 38.26M market cap (5.77x turnover), consistent with a leverage-and-liquidity unwind after expanded perpetual access earlier in the week. Concentrated ownership metrics further amplify execution risk and can exacerbate volatility as positions rotate or exit into newly available derivatives liquidity.