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Market Meltdown. The Bitcoin market witnessed a historical sell-off as the price of BTC nosedived below $30k, triggering an unusual magnitude of losses realized by short-term holders. The short-term holder SOPR has only dipped this low on three occasions since 2015 — the start of bears in 2018, the capitulation same year, and the March liquidity crunch in 2020. Despite multiple red flags in the on-chain metrics, market participants were simply paralyzed by massive exchange outages across major platforms that led to close to $8 billion in liquidation. On the chart, it doesn’t look as abysmal as what we experienced in mid-April, but close enough.