This time, why did it suddenly drop?

I think the main reason is that BTC has repeatedly attempted to break through $100,000 without success, coupled with institutions shorting MicroStrategy's stock.

Additionally, the FOMO sentiment among American investors has begun to weaken, leading short-term investors to panic and exit the market.

From the recent ETF data, both BTC and ETH spot ETFs are declining. Particularly for BTC, there has been a large-scale sell-off, indicating that American investors' enthusiasm is cooling off. According to the recent BTC inventory data from exchanges, there has been a slight increase in BTC inventory in the last few days. This may be because the continuous decline has caused some investors to panic, especially those who bought in the short term who are worried that prices won't rise and choose to exit. These newly transferred BTC have not been fully absorbed yet, which may also be one of the reasons for the price drop.

From the recent URPD data, many loss-making investors have chosen to exit because they are concerned about future trends. Many believe that BTC will fill the $80,000 gap.