The truth behind the drop: Spot market stayed put, but derivatives collapsed first? The recent pullback in BTC price—don’t be fooled by surface appearances. A deeper dive into the data reveals this isn’t a true sell-off in the spot market but rather a classic structural deleveraging event. In-depth breakdown: 1️⃣ High-leverage longs became the main source of selling pressure. 2️⃣ Forced liquidations in the derivatives market triggered a chain reaction, leading to an irrational price drop. The driving force behind the sell-off comes from liquidations, not shaken consensus. This type of liquidation is often the market’s way of wiping out floating profits and recharging for the next move.