$122 million worth of liquidations as BTC slips below 66k—this kind of volatility feels uncomfortably familiar.

June 3 Headlines: Nearly $122 million was liquidated across the entire network in less than an hour. BTC fell below $66,000, and the market cap evaporated by more than $250 billion. The U.S. Senate added the Digital Asset Market Structure Act to its agenda. A South African court ruled that Bitcoin can be considered capital and money. May futures trading volume fell to a nearly 12-month low, and the SEC proposed a regulatory framework. Babylon launched Bitcoin-backed AAVE V4 lending. MoneyGram launched the MGUSD stablecoin. USDC minted 250 million coins on Solana. Paradigm submitted proposed modifications to the stablecoin regulatory framework to the U.S. Treasury Department.