MARKETS SELL OFF AS FED ENTERS NEW LEADERSHIP PHASE Following the official transition of the Federal Reserve chair, market sentiment quickly shifted into a clear risk-off mode. Bitcoin dropped sharply toward the $75K zone, triggering a broad wave of selling pressure across major altcoins. MAJOR ASSETS UNDER PRESSURE: $BTC −2.16% $ETH −2.89% $SOL −2.90% $XRP −2.55% $BNB −1.00% $DOGE −1.84% $TRX −0.87% $TON −8.35% NARRATIVE SECTORS HIT HARD: - AI-related tokens under heavy pressure - $SUI, $CORE, $LIT, $PROVE all posting deep losses - Only a few names like WLD and NEAR showing relative strength MEME & HIGH-BETA ASSETS: $PEPE −3.21% $TRUMP −2.26% $HYPE −5.99% $BASED −14.47% $EDGE −13.75% OTHER NOTABLE MOVES: $ZEC −10% highlighting strong profit-taking pressure $ONDO, $ORDI, $FIL broadly weak $NEAR +7.32% standing out as a relative outperformer Defensive flows showing signs of rotation into $XAUT CURRENT MARKET STRUCTURE: - Momentum weakening across majors - Liquidity rotating out of risk assets - Altcoins facing leveraged deleveraging pressure - Traders still heavily positioned long despite downside volatility BUT THE MOST IMPORTANT SIGNAL: While fear spreads across altcoins… select assets like NEAR and WLD are quietly absorbing liquidity - a classic sign that capital may be rotating rather than fully exiting crypto. Everything still comes down to one key driver: BTC. If Bitcoin decisively loses the $75.6K support: another major altcoin liquidation wave could follow But if BTC stabilizes and reclaims higher levels: this entire move may end up being a leverage flush before continuation of the broader trend $BTC $ETH