Today $BTC broke below $76K, and many are asking why

My answer is: this isn't caused by a single news event, but by three lines simultaneously applying pressure
First, Trump Media withdrew its ETF application
Trump is the biggest narrative backer in the crypto space, but his own company pulled out first. The official reason is market saturation and inability to compete with BlackRock. But the real damage is the image—the most vocal crypto supporter, himself, withdrew first
Second, BTC ETF saw nearly $1 billion in net outflows over two days
The institutions are sitting in the ETF, and they are moving out, indicating they are waiting for clearer signals before re-entering. This direction, retail enthusiasm can't hedge against
Third, macro conditions are not easing
U.S. Treasury yields are still at levels not seen since 2007, inflation stickiness hasn't eased, and the rate cut window continues to shrink. This is the ceiling for all risk assets, and the confidence boost from NVIDIA's earnings report can't hold against this line
These three lines didn't coincidentally hit on the same day. ETF outflows reflect institutional macro pricing, withdrawal of orders reveals cracks in the narrative, and U.S. Treasury yields form the backdrop of systemic pressure
Whether $75K holds or not will be clear today
DYOR, not investment advice