Bitcoin's Retreat from $100K Triggers Massive Crypto Market Sell-Off

Bitcoin's recent price drop to $92,774 is attributed to long-term holders, or 'hodlers,' rather than institutional investors or ETFs. Despite significant purchases by figures like Michael Saylor, the price did not rise due to internal sell-offs by these hodlers. Onchain data indicates that while ETFs absorbed much of the selling pressure, the correction is seen as potentially beneficial for the market's sustainability. Analysts still anticipate Bitcoin reaching $100,000, although the market's leverage remains high.