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Korea circuit breaker triggered today. KOSPI halted after futures dropped 5%. That's what started the crypto cascade this morning. Global risk-off hit simultaneously — stocks, crypto, everything. BTC touched $61,300 before recovering. NEAR down 15%. $3B in liquidations across two days. Here's the full picture of why BTC has been bleeding: US-Iran negotiations stalled. Strait of Hormuz concerns pushing oil higher. Strategy sold Bitcoin for the first time in years — only 32 BTC, but the "never sell" narrative cracked. Record ETF outflows. Mt. Gox distributions adding supply pressure. Capital rotating out of crypto into AI stocks. Six separate reasons hitting at the same time. Analyst Lark Davis called it clearly — BTC is no longer trading as a high-beta Nasdaq. It's playing its own game. And right now that game looks like its own bear market while equities make new highs. June 17 Fed decision is the next real catalyst. Everything until then is just noise and pain. $BTC $ETH $HYPE #BTCETFOutflowRecord #MayNFPCryptoWatch #AnthropicSafetyParadox