Why is Tutorial (TUT) down 41.20% Today, August 12, 2026? Post-Parabolic Deleveraging Hits TUT

Tutorial (TUT) dropped 41.20% in a post-parabolic unwind after a ~1,100% two-day surge tied to new perpetuals access. Declining open interest (reported >$80M to ~$50.17M) alongside heavy turnover (~1.14x market cap) signals deleveraging and forced repositioning. High holder concentration (top 10 at 91.44% of supply) increases liquidity sensitivity, keeping near-term volatility elevated versus a muted broader crypto tape.