The first shockwave came from the macroeconomic sphere. The announcement by Donald Trump of a global tariff increase to 15%<\/strong> has cast a polar chill over risk markets. This climate of geopolitical and economic uncertainty is pushing investors to turn away from volatile assets like cryptocurrencies to seek refuge in traditional safe havens or cash. Rumors of tensions with Iran are also adding to the beginning of chaos in Mexico. This creates a macroeconomic cocktail<\/strong> that’s cooling crypto investors.<\/p>\n\n\n\n Meanwhile, the Spot Bitcoin<\/a> ETFs<\/strong> in the United States are recording concerning net outflows for several sessions. Institutional appetite, which had carried the market in recent months, seems to be waning in the face of these uncertainties. Without this massive buying support, the order book is thinning, leaving sellers free rein to push prices downward.<\/p>\n\n\n\n On the blockchain, the signals are equally red. On-chain data reveals that whales<\/strong> have transferred massive quantities of BTC and ETH<\/a><\/strong> to exchanges in the last 24 hours, a movement that generally precedes massive selling. Even Vitalik Buterin, co-founder of Ethereum, was spotted moving funds, fueling speculation and ambient nervousness.<\/p>\n\n\n\n This selling pressure has triggered a cascade of brutal liquidations. More than $470 million<\/strong> in positions (mostly longs) have been liquidated in a single day. This “long squeeze” phenomenon forces traders to sell automatically to cover their losses, accelerating the price decline. With Bitcoin<\/a> breaking its $65,000<\/strong> support and Ethereum sliding below $1,900, the market’s technical structure is now weakened.<\/p>\n\n\n\n With market sentiment at its lowest and macroeconomic pressure showing no signs of weakening, all eyes are focused on the $60,000 – $62,000<\/strong> zone. If this critical support were to give way, the correction could transform into a genuine crash.<\/p>\n\n\n\nWhales and Liquidations: The Snowball Effect<\/h2>\n\n\n\n