Bitcoin is down 4%, and altcoins are all buckling! Who exactly is quietly pulling capital out this time?

BTC is down 4%, ETH is down 5.5%, and SOL and XRP haven't been spared either. The bulls who once brimmed with confidence may now have to work up the courage just to open their trading apps.
On the surface, global risk assets are weakening in tandem, investors' risk appetite is falling, and capital is starting to move away from high-volatility assets. But what's even more concerning is the leverage pressure within crypto. If spot buying is insufficient while the futures market has built up a large number of long positions, a price drop can trigger liquidations, creating a cycle of falling prices, liquidations, and further declines.
So this correction can't simply be attributed to poor market sentiment. The macro environment sets the direction, capital flows determine the force, and leverage could act as an amplifier.
My strategy leans toward waiting on the sidelines; for now, I'm not trying to outdo the market in bravery. I'll consider building a position gradually once BTC shows signs of stabilizing. After all, wallets aren't inflatable; you can't keep using them to practice deflating the market every day.
Do you think this drop is institutions retreating or a short-term shakeout?$AMD #亚太股市集体重挫