Cryptocurrency markets opened the day under broad pressure, with losses accelerating across major sectors as risk sentiment deteriorated sharply. DePIN tokens led the sell-off, sliding nearly 6%, while Bitcoin fell 4% to break below the $86,000 level and Ethereum dropped more than 4% below $3,000. Weakness extended across Layer 1s, Layer 2s, DeFi, PayFi, and CeFi, accompanied by heavy liquidations totaling $583 million over the past 24 hours, overwhelmingly skewed toward long positions. The sharp downturn has pushed market psychology deeper into panic territory, with the Crypto Fear & Greed Index falling to 11, signaling extreme fear.
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