💹 Overview of the Pullback
Overall Crypto Market: Nearly 98 of the top 100 tokens are down, dragging total market capitalization down ~6.1% today to ~$3.38 trillion, on unusually high volume around $168 bn
Geopolitical Trigger: The sell-off stems from Israel launching airstrikes on Iran, prompting a global risk-off reaction across both equity and crypto markets
Bitcoin (BTC): Dropped from highs near $108k to as low as $103k–$104k earlier today
Longs saw nearly $84 million in liquidation between $102k–$104k
Despite the dip, BTC remains supported by strong on-chain signals—MVRV Z‑Score suggests a bull-cycle retracement, and whales are still accumulating
Ethereum (ETH): Also suffered a sharp drop, from around $2,870 to ~$2,500–$2,550 — now hovering near oversold territory with RSI nearing 30 on shorter timeframes
This pullback appears to be a healthy correction within an overall strong bull trend—not a trend reversal. On-chain metrics (MVRV, VDD, whale behavior) show accumulation and structural support for both BTC and ETH. However, geopolitical risk remains the wildcard—resolution may drive a sharp rebound; escalation could deepen losses