MARKET: The last 14 days erased roughly $570B from total crypto market capitalization.

This was not a single catalyst event, but a steady withdrawal of liquidity as macro uncertainty, leverage unwinds, and risk reduction played out simultaneously.

Short-term drawdowns don’t define regime changes. What matters is whether selling pressure persists long enough to affect participation, funding, and confidence.

So far, this looks like compression, not collapse. Capital isn’t gone — it’s waiting for clearer signals.

This is a positioning phase, not a panic phase. Reaction matters more than headlines.