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📉 Bitcoin just dropped from 87,300 to 84,000 24-hour retracement of 3.6%. The past two days saw over $800 million in short liquidations pushing it up, today it's the longs getting liquidated. 1 No sudden negative news. The CLARITY Act failing and the Fed rate hike were last week's events, the market has already digested them. 2 The real trigger was leverage. After the price fell below 85,000, stop-loss orders and long liquidations piled up, causing a stampede. The liquidation zone below is very clear on CoinGlass. 3 ETFs still had a net inflow of $715 million yesterday, institutions haven't fled, it's the contract positions that are exiting. The pitfall is just one: after rising too fast, leverage didn't come down. First kill the shorts, then kill the longs, that's the rhythm in crypto these days. Still holding? #Bitcoin #BTC #Cryptocurrency #Contracts #Dive $BTC $DOGE $OKB