Bitcoin Falls, Triggers $1B+ Liquidations; Altcoins Plunge

Bitcoin fell into the mid-$105,000–$107,000 range Monday, reversing weekend gains and triggering more than $1 billion in liquidations. Altcoins plunged harder, with the Altcoin Season Index cooling to about 25 and market breadth narrowing to a few concentrated trading themes. On-chain metrics show short-term holders taking losses (STH realized P/L around -1.4) and Bitcoin struggling to hold the short-term holder realized price near $113,000, a key dividing line between bullish and corrective regimes. Derivatives flows show a put bias and declining futures open interest, leaving downside risk toward roughly $88,000 if sentiment worsens, even as some institutional and corporate buyers continue accumulating. Macro catalysts — including an incoming U.S. jobs report, Fed commentary and a $29.4 billion Fed liquidity injection (not labeled QE) — have intensified volatility and will influence whether liquidity supports further upside in risk assets.