After reaching an all-time high of roughly $4 trillion in total market value in October, crypto markets have entered one of their sharpest corrections in years. Bitcoin, which peaked near $126,000 during the rally, has since retraced to the low $60,000 range. Billions of dollars in leveraged positions have been liquidated, open interest has contracted sharply from late-year highs, and liquidity across trading venues has thinned. ETF flows have turned negative, reinforcing a broader phase of institutional de-risking