Global dollar-denominated assets are interconnected: gold and silver are the big pools, U.S. stocks are the big pools, and the crypto market is the small pool. Especially recently, with gold and silver FOMO-driven rise and a surge of leveraged funds chasing the highs, when gold and silver plummet, liquidity is limited. Naturally, positions in the small pool are liquidated first to cover the margin in the big pools. The crypto market also directly clears out stubborn long positions in a trend-following manner. I believe this is the main factor.