What the data tells us

Yesterday a significant repayment of DeFi stablecoin leverage happened, but despite that the price failed to sustain the initial pump today. Liquidations are still very minimal. You can see how the spike on social volume happened as the price was topping out, not after it crashed, which implies this is not a sign of panic but rather the opposite. There's also no noticeable sentiment decrease, which should happen if we are to get some kind of bottom.

Important observations

MSTR stock suffered more than BTC today, dropping below 1.1 mNAV even by Saylor's own metric. Some speculate that they're selling another billion dollars in shares again this week. But even 3 consecutive weeks of 10000+ BTC buys don't seem to be able to break the downtrend.

Coins in the spotlight

Not a coin today, but rather a narrative. There's a lot of speculation out there about some big entity having blown up on October 10, and what we're observing now is the fallout from them doing a fire sale on their inventory. People are scared and trying to build some kind of logical explanation for this price action.

Conclusion