I’ve been involved in Bitcoin and Crypto since late 2016. A decade. @cz_binance asked why crypto is down. The simple answer: there are more sellers than buyers. Everything else explains WHO is selling and WHY buyers are sitting on their hands. The SELLERS: Those using LEVERAGE. Traders kept piling into longs as price fell. When BTC broke $70K, exchanges force-sold them. Over $1B was liquidated Saturday alone, 93% of it longs. ETF HOLDERS. About $1.9B left spot Bitcoin ETFs in seven trading sessions. FRUSTRATED HOLDERS. For example, it made crypto news that some #XRP holders sent an open letter to @bgarlinghouse asking how Ripple's growth translates into value for #XRP. Some holders of 7+ years are publicly announcing they're selling. When the most loyal holders are this frustrated and lashing out, it tells you where sentiment is. FEAR. After the $6B Binance hack, bankruptcy rumors are flying. Binance says it covered the losses and customers lost nothing. But in crypto, fear moves faster than proof of reserves. WHY NO BUYERS: Your guess is as good as mine. The Anthropic IPO? 🤷‍♂️ Hot inflation numbers = markets pricing in a Fed rate hike so risk assets take a back seat when USTs pay more with the USD strong? 🤷‍♂️ #BTC hit $62K. Will it break the $58K low? 🤷‍♂️ Anyone who tells you they know for sure is full of 💩 Recent #BTC buyers paid an average of $76K. With #BTC hitting $62K, they're down 20% or more and many are giving up. On one recent day, 27 BTC hit exchanges at a loss for every 1 BTC sold at profit! But long-term holders aren't selling. Capitulation usually ends when the weak hands are gone. Here's one thing I’ve learned in the last decade: forced and fearful selling eventually ends. A liquidated trader can't sell twice. A holder who capitulates can't capitulate again. Once the sellers are exhausted, it doesn't take many buyers to move price. One thing I’ve learned the hard way: panic is not a strategy. #NotFinacialAdvice