Crypto's latest selloff was a TradFi event, not a crypto crisis

Last week’s downturn was driven by yen carry trades and macro leverage, highlighting how deeply digital assets are now tied to traditional markets, panelists at Consensus Hong Kong 2026 said. What to know : Panelists said yen carry trade unwinds and rising margin requirements pressured crypto alongside gold and silver. Despite volatility and outflows, roughly $100 billion remains in bitcoin ETFs. A more permissive regulatory climate is pushing institutions toward public blockchains and stablecoin-based settlement.