The December 12 Bitcoin sell-off fits a familiar pattern seen many times in crypto markets: leverage builds up, prices slip below key levels, liquidations accelerate, and narratives quickly follow.
While it’s tempting to look for a single culprit, the data suggests this move was the result of leverage unwinds, ETF flow shifts, and normal intraday volatility, rather than a coordinated institutional “dump.”
As always, understanding market structure and risk dynamics provides far more insight than chasing viral theories.
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