What's up with Crypto currencies crashing recently?

Every article I read is vague as to why this is occurring, particularly why now (i.e. I'm not clear why liquidity is a problem now). Disclaimer, I have no positions in any Crytpo currency, no short positions either.

Forbes also cites potential rate hikes and rising treasury yields coming out of Japan, possibly driving crypo down further. How can Japan alone drive a 50-60% price crash in the price of crypto?

https://www.forbes.com/sites/digital-assets/2025/12/01/sudden-3-trillion-crypto-market-collapse-sparks-serious-bitcoin-price-crash-warning/