Crypto markets continued to slide sharply as investors pulled back from risk following renewed geopolitical tensions and fresh tariff threats from President Donald Trump.

As of 6 a.m. ET, bitcoin was trading at $89,155, down 6% over the past seven days. Ethereum fell to $2,961, down 11%, while solana dropped 12.1% to $127. The move was fast and unforgiving. About $868.06 million in crypto positions were liquidated in the past 24 hours as leveraged traders were forced out.

Moreover, bitcoin spot ETFs saw a total net outflow of $483 million, while ethereum spot ETFs saw a total net outflow of $230 million on Tuesday. 

This story is an excerpt from the Unchained Daily newsletter.

The selling was driven less by crypto-specific news and more by a broader flight to safety. Trump’s comments around tariffs and U.S. control of Greenland rattled global markets, pushing investors out of equities and into traditional safe havens. 

Meanwhile, Gold surged to a new all-time high above $4,850 an ounce, underscoring where capital ran when uncertainty spiked.

Bitcoin once again traded like a high-risk asset. When macro stress rises, it is often used as a pressure valve, especially given its 24-hour liquidity.

One notable detail from the liquidation data was where the damage occurred. Hyperliquid saw the largest share, with $247.93 million liquidated, more than Binance or Bybit. 

For now, markets are sending a familiar signal. In moments of political and macro shock, gold is treated as protection. Crypto is treated as exposure.