$BTC and crypto dipped on a classic macro shock: geopolitical tariff headlines hit during low weekend liquidity, triggering risk-off, leveraged long liquidations, and a cascade through derivatives.
Key detail: ETF markets were closed, selling came from spot/OTC and futures, not structural ETF outflows. Over $870M in liquidations flushed crowded longs fast.
The positive part? This was positioning-driven, not thesis-breaking.
$BTC already reclaimed ~$93K, showing buyers are still present.
Volatility clears excess. Structure stays intact. These resets are how stronger trends continue.