Capitulation Pressure: Bitcoin Under $117K Forces Treasuries to Cut Risk

I see clear downside pressure: Bitcoin slipping below $117,000 and Ethereum near $4,400 is already triggering mark-to-market losses and liquidity stress at digital-asset treasury firms. I expect sharper risk-off behavior until balance sheets and liquid reserves are clarified.

I’m prioritizing capital preservation over chasing a rebound. I will reduce exposure, tighten stops, and watch on-chain activity, derivatives funding rates, and corporate treasury disclosures for signs of stabilization before adding back risk.