Crypto markets entered the holiday period with a blood-red weekend.

There isn’t a single major negative headline right now, but as I mentioned before, several key factors are creating pressure at the same time:

• The fading impact of the Clarity Act expectations is one of the biggest factors
• Trump’s harsh statements toward Iran, such as “the clock is ticking, if they don’t move fast there will be nothing left,” hurt market sentiment
• General macro uncertainty continues, driven by interest rate expectations and movements in bond yields
• The latest rise in U.S. inflation expectations to 4.8% has reopened the debate around Bitcoin’s “digital gold” narrative
• ETF outflows are also increasing pressure on the market

Right now, the picture looks more like a combination of:
“macro pressure + ETF outflows + leverage cleanup.”

In this environment, heavily leveraged long positions faced major liquidations. Around $500–600 million in long liquidations occurred over the last 24 hours, with most of them concentrated in $BTC and $ETH