Bitcoin slipped below $60,000 and Ethereum extended its underperformance as the market entered another leg of selling — but this looks like a liquidity story, not a repeat of past crypto-specific crises. Six overlapping forces are behind it: a record options expiry, hot inflation data, tightening global liquidity, a leverage flush, a broader deleveraging cycle, and capital rotating into AI infrastructure instead of crypto. Corporate treasuries (Strategy, Strive) are still buying Bitcoin even as ETFs bleed — a meaningful split between short-term and long-term holders. This week's catalysts: the tail end of the ... (full story)