Crypto Markets Volatile as UXLINK Hack Spurs Massive Liquidations and ETH Holds Key Support

Crypto markets have experienced heightened volatility recently, with Bitcoin briefly losing the 4 trillion dollar market capitalization threshold and $11 billion in liquidations occurring within an hour. Key macro narratives include significant net outflows of BTC and ETH from CEXs, and renewed attention on the resilience of Ethereum to hold above $4,000 as predicted by Tom Lee's fund. The UXLINK hack and subsequent drastic price drop further weigh on sentiment, driving increased risk management and a cautious outlook across the sector.