TL;DR on wtf is happening
1. Long-term holders are selling at a loss (LTH PnL ratio < 1)
2. Institutions are exiting (ETF outflows, MSTR collapse)
3. Technical support broken (below MVRV mean and -0.5σ)
4. Macro headwinds (strong USD, no Fed pivot)
5. Sentiment at 2022 crash levels (Fear & Greed = 5)
Perfect storm, anon.

Twitter

Bithumb, one of South Korea's largest cryptocurrency exchanges, has just shaken the market with a serious internal incident related to the distribution of rewards...

A Bithumb exchange employee accidentally 'gifted' 2,000 Bitcoin to a user, causing the price of BTC on the exchange to suddenly drop by 10%.

Author: Nancy, PANews
Original title: No Black Swan Events, Four Atypical Guesses About the Culprit Behind Bitcoin Overselling
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A black swan-style crash has arrived, but we haven't seen where the black swan is, which is even more unsettling.
Almost without warning, Bitcoin suddenly plummeted, entering its third-largest oversold zone in history, causing both long positions to collapse and psychological barriers to fall. This has left the market perplexed...

The absence of black swan events suggests there may be other reasons for Bitcoin's current oversold condition.

Bitcoin ($BTC) has recently gone through a sudden shift on Bithumb, a well-known South Korean crypto exchange. In this respect, the $BTC/KRW trading abruptly plummeted over 10% below the worldwide ave...