The recent sharp drop in XRP looks like it was a derivatives-driven leverage flush, not a structural breakdown. While Bybit experienced a complete open interest reset, elevated risk remains on Binance, signaling a localized divergence in market exposure.

Six consecutive days of selling have pushed Ethereum down 8% on the day, 18% on the week, 24% on the month, and 40% over the past year, with $286M in 24-hour liquidations running 86% long - confirming forced selling is amplifying spot market pressure rather than creating it.

The cryptocurrency market correction following the 2025 bullish cycle has provided a stark reminder of digital asset volatility. To assess the structural impact of this market shift, in this report we measure the precise percentage drawdowns from the 2025 highs of seven large cryptocurrencies.

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