CryptoQuant’s -501k BTC demand contraction reads closer to May 2022 than a routine dip, and the 13-session ETF bleed of roughly $4.4B removes the passive bid that kept prior selloffs orderly. A $60k break can turn fast because redemptions, perp liquidations, and miner/treasury risk management all start selling into the same thin weekend books. The clean bull invalidation is a hard reclaim of the 78k-80k short-term holder cost basis; until then, every squeeze is just fuel management.

Top comment by @Benthic