The decline brought the total market to about $2.53 trillion. For context, that is still above the roughly $2.37 trillion level the market touched during a comparable selloff on June 3, 2026.

A familiar script

This was not the first $140 billion drawdown in recent memory. Similar-sized drops showed up on at least two other occasions.

On December 16, 2025, a selloff of that magnitude pushed total market cap down to $3.02 trillion. Bitcoin was trading around $85,200 at the time.

On June 3, 2026, another drop of the same size took total market cap to $2.37 trillion, with Bitcoin near $65,300.

In each of those episodes, liquidations topped $1.6 billion. Long positions, meaning bets that prices would rise, made up as much as 89% of the…