Bitcoin just fell to its lowest level in 20 months, sliding toward $60,000 in a selloff that dragged the entire market down with it. The immediate trigger was a brutal cascade of liquidations, but the deeper causes run from a seventh straight week of ETF outflows to a hawkish Fed and a tech-stock selloff. Yet beneath the fear, one corner of the market is quietly tightening. Here is the full picture of where crypto stands today.