The crypto market decline is primarily due to the unwinding of leveraged long positions, which increased selling pressure.
Furthermore, weak institutional funding, a global stock market downturn, and uncertainty surrounding US interest rate policy have reduced risk appetite.
In addition, fear is dominating market sentiment, and with high leverage and low liquidity, volatility is increasing.
In conclusion, the current decline is driven by strong selling pressure and general anxiety, and is likely a temporary correction rather than a fundamental market shift.