The crypto market slid into a harsh correction as Bitcoin plunged roughly 7.2% and sank below $86,000, dragging the broader market down over 7% in the past 24 hours. Ethereum tumbled about 7.4% to $2,800 while Layer-1s, DeFi and Layer-2 sectors suffered double-digit pain in names like NEAR and SOON. VanEck’s analysis pins the sell-off squarely on medium-term holders aggressively liquidating positions, a 32% drop in coins held by that cohort over two years, triggering a collapse in open interest, plunging funding rates and a vicious risk-off cascade. Even pockets of strength, GameFi and some NFT tokens, look like brief reprieves as the market braces for deeper downside and potential capitulation.
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