Thank you for the breakdown. The correlation between Nasdaq and BTC here is the key point this was a broad risk-off move, not a crypto-only event. The data-center concern is plausible, but it is still a forward-looking fear, not yet a confirmed policy outcome. What turned a dip into a sharp drop was leverage: $370M in longs liquidated in about an hour, with late longs from the prior squeeze exiting first. The $74.6M ETF inflow helped, but could not absorb that pressure. Watching $75,000 support.
