It's not shocking because there was too much leverage. Someone pulled the rug and all those idiots who bet on rate cuts meaning an immediate pump in BTC price got liquidated. The pump is coming but all those gamblers were too early. They put their money in the game and got destroyed, which is why we had a biggest liquidation event of this year and why some people are now running away expecting a bear market because they feel like large liquidation event might start it. There's of course no historical data to support that. In fact major liquidations were usually a flush before a reversal, like the covid crash, or in 2021 the 50% crash to 30k.

What surprises me is that despite cuts the USD is pumping and gold and stocks are dumping. That's what is taking bitcoin further down, but mark my words, USD is going to go much lower in the coming months and gold and bitcoin are going higher. USD pump is fake.