This episode examines the mechanics of a seven-day selloff that pushed Bitcoin down eighteen percent and Ethereum twenty-eight percent, the steepest drawdowns since the FTX collapse. It covers the convergence of forced liquidations, sustained ETF redemptions led by FBTC and GBTC, and the shift to net whale selling after weeks of accumulation. The briefing details BlackRock IBIT’s ten billion dollar single-day volume spike amid five hundred twenty-eight million in Friday outflows, the alignment of Ethereum and Bitcoin ETF flows during the same window, and how Strategy’s equity discount to net asset value separated from its debt coverage capacity. Metal Blockchain’s BitcoinVM launch is reviewed as infrastructure deployment continued independent of price action.
