This, from @MartyBent 's TFTC about the recent BTC price drop is absolutely spot on:

"... What is being tested is everything people have built around bitcoin to make it look and feel like the old system. The leverage. The convertible notes. The preferred stock. The NAV premiums. The ETF flow models. The public equity beta trade. The beautiful thing about bitcoin drawdowns is that they have a habit of exposing who is holding the asset with conviction and who is playing games on top of it."