MicroStrategy’s sell-off directly opened the market’s downside catalyst.

Right now, the market is mainly a battleground of derivatives: once prices dip even slightly, it triggers a liquidation chain reaction—long liquidation mayhem—that forces more people to sell and pushes prices further down.

On top of that, the frantic sell-off in ETFs spreads bearish sentiment even faster. Since the market broke below 70k, it has taken only 2 days to complete a full liquidation of long leverage. The drop is 12%, directly pressing toward this year’s low point at 60k. During the sell-off, fear plus forced liquidations accelerates the pace.

Spot capital is strongly flowing out: “Keep falling—drop to 53k, then go pick up the bodies.”