Bitcoin Whipsaws as Crypto Liquidations Near $1 Billion

The scale of liquidations matters less than the trigger: a macro data print, not a crypto-native event, drove the move. That reinforces how tightly digital assets now trade to rate expectations, and it exposes how much leveraged positioning had built up heading into the release. The open question is whether this forced deleveraging clears froth or signals a broader shift in risk appetite, particularly if rate-hike bets keep firming.