Summary: Repricing $BTC
-The drop of $BTC$ from $126,000$ to $81,000$ is a comprehensive repricing, due to a combination of 4 main pressures:
-Macroeconomic: Prolonged high interest rates (Fed) have led to scarce liquidity, causing a global market contraction in risk appetite.
-Information: The market has entered the "Post-expectation" phase as catalysts (ETF, Politics) have already been fully reflected in prices, lacking new narratives to push prices up.
-ETF Structure: The ETF cash flow mainly comes from $Retail$ (retail investors), making it susceptible to chain sell-offs and creating direct downward price pressure.
-Intrinsic & Psychology: Leverage is being liquidated en masse and miners are taking profits. -Market sentiment has turned cautious, creating a self-amplifying downward spiral.
➜ Conclusion: This is a Purification Phase. History shows that $BTC$ needs a prolonged accumulation phase to rebuild trust and the foundation before starting a new sustainable growth cycle.