Domino effect?

When liquidity disappears in a segment that everyone considered 'calm', it starts to press on other markets. Including crypto. $BTC and $ETH have long lived in the same financial ecosystem as traditional money. And if it gets tight there - it also starts to shake here.

This is not a crisis yet. Maybe.

But it very much resembles that moment when the market stops believing in a pretty story and begins to count the risks.