Not a normal pullback. That was a long squeeze cascade. Over 940 million USD in liquidations across the board in 24 hours. Longs took 870 million of that hit. Shorts barely registered. This was a targeted washout of late buyers, not a balanced market move. ETH slid from the 2130 zone straight down to 2006, nearly cracking the psychological 2000 barrier. Three triggers stacked up. First, ETH had been weakening. Once it lost the 2080 and 2050 support levels, the order book below was a minefield of long stop-losses and liquidation triggers. One push was all it took for a chain reaction. Second, the SEC delayed its plan for an “innovation exemption” for tokenized stock trading. That directly cooled the RWA and tokenization narrative that had been gaining traction. Third, the broader macro mood was already risk-off. Rate pressure and geopolitical headlines had been squeezing assets. BTC had already taken a hit days earlier from deleveraging. The key watchpoint now is 2000. If it holds, this could be a liquidation wick, with a potential bounce toward 2050 or 2080. If it breaks, the market may sweep lower for liquidity near 1980 or 1950. Don’t chase the move in either direction right now. The market is unstable after a flush like this. Personal analysis only. NFA. DYOR. #FedHikesBackOnTheTable #SECTokenizationDelay $BTC