A 3% $BTC dip sounds harmless until you look at how much leverage is stacked underneath the market. Overleveraged longs can get liquidated fast, while ETF buyers are usually not forced to sell because of one short-term move. That’s why even a small drop can turn into a brutal liquidity flush. Longs get wiped, panic kicks in, and stronger spot buyers get another entry. The key isn’t whether Bitcoin can drop 3% — of course it can. The real question is how much leverage gets cleared before demand steps back in and absorbs the sell pressure. That battle between leverage and spot demand is what matters.