Prediction markets like Polymarket are now implying a 77–80% chance of a US government shutdown by January 31, a sharp jump from earlier in the month when the odds briefly dipped to around 26%. That surge in shutdown risk fed straight into crypto sentiment, helping trigger what people are calling “100B exits”, a roughly $100B drop in total market cap over the last 24 hours, from about $2.97T down to $2.87T.

As the selloff accelerated, more than $360M in liquidations hit the tape, with the pain concentrated in long positions. The political catalyst was renewed Capitol Hill gridlock, with Democrats threatening to block funding tied to the Department of Homeland Security (DHS), reigniting fears of a partial shutdown.

In price action, $BTC slid about 3.4% to sit just under $93K, $ETH dropped roughly 5.3%, and the broader altcoin market generally took the hardest hits.