Which sectors led the drawdown today?

TLDR

DePIN tokens led todays crypto drawdown, with the DePIN sector down roughly 6% (UTC) per a sector roundup.

1. DePIN was the hardest hit today, cited at about a 6% slide in sector indices per a market wrap report.
2. Losses were broad across Layer 1, Layer 2, DeFi, PayFi, and CeFi, alongside heavy long liquidations.
3. Risk appetite was pressured by tech weakness and cautious central bank tone, a backdrop highlighted in recent coverage of macro impacts on crypto markets.

Deep Dive

1. DePIN Led

DePIN tokens were todays laggards, with the sector down roughly 6% on the day (UTC). The sector roundup also noted Bitcoin and Ethereum sliding alongside other majors, signaling a risk-off tape across the board per the market wrap.

2. Broad Sector Losses and Liquidations

Selling was not isolated. Layer 1, Layer 2, DeFi, PayFi, and CeFi sectors all traded lower, while long-side liquidations intensified. The report above flagged about $583 million of 24-hour liquidations, overwhelmingly long, which tends to amplify downside moves late in the session as stops cascade.

3. Macro Backdrop Weighed

Todays sector-led drawdown fits a week where tech weakness and cautious central bank signaling kept risk assets on edge. Recent coverage tied crypto softness to a broader tech selloff and earnings-related AI jitters, which spilled over into digital assets coverage. Separately, guidance that policy may stay tight longer has been cited as a headwind to faster liquidity relief, limiting follow-through on rallies in recent sessions analysis.

Conclusion

Todays drawdown was led by DePIN, with weakness spreading across most major crypto sectors as long liquidations accelerated. In the current macro setting, sector leadership rotates quickly, so confirmation from breadth and reduced liquidations may be the cleaner signal for when downside pressure is easing.