It's the weekend, so who exactly is selling BTC? First, forced selling pressure: leveraged long positions were liquidated in a series of forced liquidations. This is the most direct driver of the weekend's market crash. Second, continued selling pressure: ETFs are "draining" liquidity. US spot Bitcoin ETFs have seen continuous net outflows recently. Third, listed companies and miners. To fund their AI and data center expansion, some listed companies and miners are continuously reducing their holdings.