A recent sell-off triggered by Bitcoin’s short-term holder (STH) activity led to a significant market correction, resulting in over $500 million in liquidations. Key takeaways include: 11,549 BTC ($1.2 billion) worth of Bitcoin was sold off on May 11th amid concerns about macroeconomic uncertainty, leading to a drop to $100,691. This marked the most significant intraday drawdown in over a week. The sell-off affected both major and altcoins; Dogecoin and Cardano were hardest hit with DOGE experiencing a notable $18 million forced liquidation due to long positions being squeezed. Notably, this event has challenged the traditional strategy of STHs utilizing altcoins as a safe haven during periods of Bitcoin volatility. As investors await the release of April’s CPI data which could influence future market trends, uncertainty persists regarding potential rate cuts and their impact on the crypto market.