Today was all about deleveraging. Take ETH as an example—it dropped straight to the previous low. During this period, many people, including myself, thought the middle area was a temporary bottom. After it went back up, it formed another 'bottom' at a higher level. Recently, the market has been super hot in certain areas (funny enough, I’ve mentioned before that when there’s high localized hype, the market tends to pull back). The main players in the market used long liquidity to build short positions (this could explain why there wasn’t a big drop earlier). Starting today, the longs are getting liquidated.