BITCOIN WENT FROM ABOVE $80K TO BELOW $76K. WHAT THE HELL HAPPENED? Yesterday I said it looked like a leverage flush. This morning we dug into the numbers, and one jumped out at me. $819 MILLION IN CRYPTO LONGS LIQUIDATED IN FOUR HOURS. Longs accounted for 93% of all liquidations in that window. Think about how that plays out. Price drops far enough and exchanges start closing leveraged longs. Those forced sells can push price down into the next batch of longs. And down you go again. So what got it going? My best read is that the tech sell-off helped give it the first shove. The Nasdaq fell 5.5% yesterday, and Bitcoin was already dealing with weak ETF demand. U.S. spot Bitcoin ETFs saw $430M in net outflows yesterday alone. That brought the five-session total to roughly $1.5 BILLION. The ETF numbers tell me demand was weak. The liquidation numbers tell me why a bad day got ugly so fast. BUT LOOK AT WHAT HAPPENED THIS MORNING. Tech stocks bounced. The VIX cooled off. Bitcoin still printed a fresh local low near $74.8K. I’m still bullish on the bigger picture. But a leverage flush can clear the way for a bounce. SOMEBODY STILL HAS TO BUY.