My thesis on 76K being the bottom (BTC ultimately dipped to 74K): Short-term holders were roughly 20% underwater on aggregate—putting us in a zone of the yen carry trade in August. Similar situation with leveraged basis trades being unwound. Given I still think BTC is in a bull-market, a 30% pullback from all-time highs was expected. Especially with good news not moving the needle on BTC above $100k. I've been surprised how well BTC has held up with US equity weakness.