Why is the market down today?

The crypto market fell 0.76% to $3.88T, aligning with a 7-day downtrend (-2.4%) but remains up 16% over 30 days. Key drivers include leveraged derivatives unwinding, profit-taking in recent outperformers, and high correlation with U.S. equity futures.

Leverage shakeout - Perpetuals open interest rose 5.25% as traders added bets before liquidations

Altcoin volatility - New Binance futures listings (e.g., ESPORTS) triggered -20% swings

Macro jitters - 0.91 correlation with Nasdaq futures hints at pre-FOMC risk-off tilt.