Why were they then buying at $90k–$100k, and now have dropped the market?
What is the logic behind these purchases?
I will try to explain simply.

The fact is that institutional investors do not buy 'cheaply' or 'expensively' as retail does.
They have different objectives.

Purchases at high prices were needed not for the price itself,
but to launch the cycle.

To:
— create liquidity
— build trust in ETFs
— attract capital
— establish infrastructure
— draw in the crowd

Without growth:
there would be no volumes,
there would be no leverage,
there would be no market as such.

They were buying higher to have the ability to buy more lower.

But already: without the crowd, without leverage
without noise
in a clean market

Recognizing these things, I recall the words of Larry Fink — the founder of BlackRock,
where he stated directly:

'Don't be surprised if Bitcoin reaches $700,000'.

They will push the market to the end, until everyone completely gives up.
And it doesn't matter where exactly they drop Bitcoin.

What matters is something else.

When they finish.
Everyone will talk about the reversal.
Absolutely everyone....