Digital-asset markets experienced heavy selling as more than US$1.1 billion of long positions were liquidated across major derivatives platforms, pressuring Bitcoin and large-cap altcoins. The cascade followed a stronger U.S. dollar and renewed concerns about the timing of Fed rate cuts, which tightened risk appetite. Volatility spiked and open interest fell as leveraged traders reduced exposure. Traders said the forced-selling amplified price moves and that recovery will depend on fresh inflows or positive macro surprises. DeFi activity also slowed as users trimmed positions to reduce counterparty risk.