Here is what’s happening

Bitcoin isn’t “dead.” It’s doing what it has done every cycle: violently shaking out weak hands.

What’s interesting is that the long-term models with the best historical fit still project surprisingly high BTC prices by 2030:
• Power Law 400k
• Metcalfe’s Law 500k+
• Institutional adoption models → 250k–600k

Meanwhile the current selloff is mostly:

ETF outflows
macro/rates fears
leveraged liquidations
Different cycle. Same emotions.