Maybe you are right about people being “leveraged”. If people are borrowing to buy BTC then just as happened with homes that were upside down, people just run for the exits. It didn’t occur to my simple mind that people would be borrowing to buy their BTC. Now, tulips, that I get.
Thanks.
https://www.google.com/search?q=crypto+margin+OR+leverage
https://blockworks.co/crashing-prices-expose-bitcoin-mining-industrys-addiction-to-leverage/
https://www.google.com/search?q=crypto+margin+OR+leverage&source=lnms&tbm=nws