Why is this round of BTC pullback shallower than previous ones, far less than the 70%+ declines in the past? In the early market, it was mainly made up of retail investors, crypto-native funds, and miners. Profits were concentrated for realization, making sell pressure prone to continuous cascading liquidations. But after being included in ETFs, the capital structure has become more complex: spot ETFs, asset management institutions, corporate funds, and market makers have all added more buyers. They engage in long-term allocation, rebalance in stages during drawdowns, and use futures and options to manage risk rather than dumping based on emotion. Sellers are still there, but the sell pressure is more likely to meet support, so the price doesn’t immediately enter a waterfall; instead, it first forms a 40% to 60% retracement. #BTC #ETF