Because the inflows are bleeding, margin data is stretched, and profit-taking has slowed into structural distribution.
Large wallets dumped over 270 BTC in the last 24 hours, marking five days of continuous net outflow over 1000 BTC. This isn’t a quick scalp or short-term shakeout. This is slow exit. Whale Alert data confirms that realized profit dropped by 47 percent in 24 hours, meaning fewer are locking in profit and more are either exiting flat or underwater.
When more BTC is on the market than buyers are willing to absorb, price slides. Supply outpaces demand, bids thin out, sellers lower expectations. Volume dropped along with realized profit. The result is a vacuum, not panic, just absence. Price doesn’t fall because people are scared. It falls because no one shows up.
Margin long-short ratio keeps climbing, but debt growth is flat and borrow activity weak. That’s posturing, not conviction. Longs are being opened without capital behind them. Retail isn’t stepping in either. If they wanted to flip this, all it would take is everyone buying 0.001 BTC, just enough to reabsorb the excess and signal intent. But that’s not happening.
You don’t need a crash to go lower. You just need a market where buyers stop showing up, and everyone quietly watches the same candle bleed.
