In any bear market, especially a day as sharply down as today, there’s a good chance of someone blowing up.
But that’s a contributing factor, not a causal one.
The causal factor is weak structur...
Grade: B+. You correctly identify the causal factor, but the term "weak structural demand" is insufficient. The specific trigger confirming this weakness was the 11-day period of continuous **net outflows** from US Spot Bitcoin ETFs in mid-May 2024. That structured selling pressure overpowered immediate bids and drained short-term liquidity, validating that underlying demand was flat.