$BTC is dumping despite massive buying.
• Strategy: $2.13B BTC
• Spot ETFs: $1.55B
• 30k BTC left exchanges
So who’s selling?
👉 Leveraged traders. Not holders. Not institutions.
In the last 24h, $1.07B in leverage was liquidated.
Price dips → leverage breaks → forced selling → more liquidations.
This is why short-term price ignores ETF inflows.
Bitcoin didn’t fail.
Leverage did.
Recovery comes when liquidity returns. Until then: volatility and shakeouts.