---

THE $200 MILLION LIE

Bitcoin didn’t crash because people sold.

It crashed because the leverage machine snapped.

On Nov 21, 2025, $200M of real selling erased $2B of borrowed money.

Ten fake dollars disappeared for every real one.

That’s Bitcoin today: 90% leverage, 10% capital.

A quiet early adopter sold the day before — not from panic, but because the system changed.

The crash didn’t start in crypto.

It started in Japan, when their bond market cracked and global leverage trembled.

BTC, stocks, everything fell together.

Bitcoin didn’t behave like an alternative.

It behaved like the system.

Here’s the trajectory:

Crashes kill leverage.

Recoveries add governments who never sell.

Volatility dies.

Bitcoin stops being a revolution and becomes a reserve asset.

Bitcoin won — and in winning, it became what it replaced.

You can’t outrun the math.$BTC