Since then, average daily liquidations have remained well below this year’s typical $400 million-$500 million range, suggesting there has been little forced selling despite the macro shock, according to Bitfinex.

“Crypto fell less than levered equity themes because the forced-selling fuel was already spent,” the analysts wrote.

Security concerns linger

Separately, the market is also digesting the fallout from a major exploit involving Coldcard, which resulted in at least $38 million worth of bitcoin being stolen.

The incident hasn’t materially affected price action, but it marked another blowback as digital asset-related exploits have surged and reignited debate around risks of self-custody, one of crypto’s fundamental promises.

“The…