Markets are spiraling as Bitcoin crashes back into bear-market territory, erasing all of its 2025 gains and triggering more than $1.1B in liquidations while digital-asset products bleed another $2B in outflows. Analysts warn the extreme volatility and cascading liquidations resemble the conditions leading into past market breakdowns, raising the question: Is a modern “Black Monday” brewing for crypto and possibly equities? With weakening support flows, rising macro tension, and a spike in fear across derivatives markets, today we break down whether this is just another correction or the beginning of something much bigger.