TL;DR on wtf is happening

1. Long-term holders are selling at a loss (LTH PnL ratio < 1)

2. Institutions are exiting (ETF outflows, MSTR collapse)

3. Technical support broken (below MVRV mean and -0.5σ)

4. Macro headwinds (strong USD, no Fed pivot)

5. Sentiment at 2022 crash levels (Fear & Greed = 5)

Perfect storm, anon.