HERE'S THE EXACT REASON $BTC IS DUMPING EVERY SINGLE DAY

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This is not retail.
This is not sentiment.

If you still think $BTC trades like simple supply and demand, you MUST read this.

Because that market is gone.

Let me explain this in simple words.

BTC price isn't set onchain anymore.
It's set in derivatives.

Now connect the dots.

BTC was built on 21M and no rehypothecation.
But Wall Street added perps, options, ETFs, lending, wrapped BTC, and swaps.

And it's the same structure break that already happened to:
Gold, Silver, Oil, Stocks

So "paper BTC" became huge.

That one fact explains a lot.

Once paper supply overwhelms real supply, price stops reacting to demand.
It reacts to positioning, hedging, and liquidations.

So the play becomes simple.

• They sell into pumps.
• They force liquidations.
• They cover lower.
• They repeat.

This isn't a free market.
It's a fractional reserve price system wearing a BTC mask.