The crypto market fell 0.96% to $2.48T as a wave of long liquidations hit Bitcoin and Ethereum, forcing leveraged traders out of positions. Elevated open interest and funding rates amplified the sell-off, making it more of a derivatives-driven reset than a fundamental shift. At the same time, capital rotated into niche sectors such as Privacy Blockchain, which gained 8.66%, while continued spot ETH ETF outflows weighed on major Layer 1 assets. The divergence suggests investors are becoming more selective rather than abandoning risk entirely. Near term, the key level to watch is $2.47T. Holding above that support could spark a relief rally toward $2.53T, while a breakdown may open the door to a deeper move toward the yearly low around $2.17T. For now, the market remains cautiously bearish, with sentiment dependent on leverage cooling and institutional flows stabilizing.