Bitcoin is dropping as selling pressure persists, with no fresh capital coming in. Realized Cap has flatlined, meaning no fresh capital. When market cap falls in that environment, it's not a bull market. Early holders are sitting on big unrealized gains thanks to ETFs and MSTR buying. They've been taking profits since early last year, but strong inflows kept Bitcoin near 100K. Now those inflows have dried up. MSTR was a major driver of this rally. Unless Saylor significantly dumps his stack, we won't see a -70% crash like previous cycles. Selling pressure is still ongoing, so the bottom isn't clear yet, but this bear market will likely form a wide-ranging sideways consolidation.