So crypto got absolutely hammered last month and honestly the damage is still lingering. Bitcoin's been stuck in this messy range ever since that geopolitical shock hit - you know, the whole Iran situation at the end of February that spooked literally everything. Crypto doesn't like uncertainty, especially when you've got macro headwinds building at the same time.

The real reason crypto keeps crashing is this perfect storm nobody wanted. First you had that hot inflation data killing any hopes of rate cuts coming soon. Then the Fed's basically off the table for easy money, which means less liquidity flowing into risk assets. Bitcoin and Ethereum got hit hardest because they're super sensitive to interest rate expectations.

But it's not just macro. The liquidation cascade was brutal - over $88 million in leveraged longs got wiped out in minutes when the selloff accelerated. That's the thing about leverage, one shock and everything unwinds fast. On top of that, spot Bitcoin ETF inflows have been drying up. We saw like $24 billion in outflows over a month, which is basically institutions pulling back support.

Right now we're seeing why crypto needs stability to rally. Without it, every dip turns into panic selling.