Bitcoin fell below $113,000 late Tuesday, the first dip under that level since August 2, extending a slide that has wiped out nearly 9% of the token’s value since it notched an all-time high of $124,128 last Thursday. The retreat triggered a wave of forced unwindings. Data provider CoinGlass estimated that roughly $559 million of mostly long positions were liquidated over the past 24 hours, affecting about 131,000 traders. The broader market also turned lower, pushing total cryptocurrency capitalization beneath $4 trillion. Ether changed hands near $4,100—about 5.6% below Monday’s level—while XRP and Solana lost 6.7% and 3.5%, respectively. Risk aversion spilled into equities, with the S&P 500 down 0.6% and the Nasdaq off 1.4%. Analysts cited rising U.S. Treasury yields and stronger-than-expected economic data for the risk-off tone ahead of Federal Reserve Chair Jerome Powell’s appearance at the annual Jackson Hole symposium later this week. Traders are looking for clues on whether policymaker concern over sticky inflation will delay any potential rate cuts, a prospect that has weighed on cryptocurrencies and other growth-oriented assets.