M&A, Enhanced Basis Trades, and Discounted NAVs

Bitcoin and the broader crypto market are under heavy pressure this morning as a perfect storm of macro-driven selling, technical breakdowns, and forced liquidations hits risk assets. More than $1 billion in leveraged positions were wiped out, Bitcoin printed its longest losing streak in over a year, and traders are now debating whether the recent death cross signals deeper downside—or a classic shakeout before the next move.

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