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Bitcoin has led a renewed risk-off move across crypto, breaking decisively below $80,000 for the first time since April 2025 and marking the deepest drawdown of the current cycle at nearly 40 percent from the October peak. Thin weekend liquidity accelerated the sell-off, triggering a $2.5 billion liquidation wave dominated by long positions, while US spot Bitcoin ETFs recorded their largest weekly outflows since launch at roughly $1.5 billion. The loss of key on-chain and technical supports, including the True Market Mean, highlights the absence of marginal spot demand at a time when leverage was still elevated.