This past weekend felt like a silent wipeout. No blow-ups. No black swans. No FTX-style systemic implosion. Yet BTC slipped cleanly back under $100K, wiping out nearly the entire YTD gain. ETH, SOL followed. Hot narratives went cold overnight. On-chain liquidity — which looked vibrant in early November — simply froze. For on-chain traders, this kind of environment is often worse than a dramatic crash:No clear negative catalyst — just a slow, suffocating drift downwardNo panic selling — just l...