So what I don't understand is Who selling, becuase there is almost no one left in BTC that is selling any significant amounts.
GBTC and miners.
I am saying is people have run out of BTC to sell. So what then is being sold?
GBTC, miners, leverage traders who got liquidated and had to take a loss?
I see that you don't understand how trading works. You always need 2 people toi participate, one with fiat money and another one with the asset (bitcoin). When a sell order executes on exchange it doesn't matter how much bitcoin is on the market. It can be 3 million, it can be 1 million. What matters is how much money in open buy orders is there. If 100 bitcoin is worth 4 million dollars and there's only 3 million on exchange in open orders, you drop 100BTC and the market tanks completely, but it won't be the value that tanks but spot price. There's a difference!