Bitcoin didn’t crash because of weak demand.
It crashed because price discovery is now driven by derivatives.
$BTC fell over 50% in 120 days without mass spot selling.
Futures, perps, options, ETFs & synthetic exposure allow price to drop without real BTC moving on-chain.
What we’re seeing:
• Long liquidation cascades
• Funding flipping negative
• Open interest collapsing
• Structured institutional unwind — not retail panic
Add global risk-off, macro weakness & shifting Fed liquidity expectations and downside accelerates.
21M supply didn’t change — effective supply did.
Relief rallies ≠ trend reversal.
