This is not just a simple sell-off, but a global asset power transfer ceremony triggered by government shutdowns, Wash nomination, and legislative battles:

Unexpected inflation and the leverage bubble in the crypto market,
And the so-called 3 to 9 months of dark times described by seasoned Wall Street analysts are essentially a brutal re-pricing and repositioning of global capital in preparation for the official transition to Wash's hard currency era in May.
As long as Ethereum can hold the $1785 mathematical Maréchal line, the current extreme cold is merely a technical trap before the formal implementation of the CLARITY Act,
It is an epic golden pit deliberately created by the main players before the trillion-dollar institutional entry in the second half of the year,
Using Washington political noise to force a major shakeout.

Recommendation: Abandon leverage, embrace spot holdings
This is a structural reshuffle, not short-term volatility.