🚀 Bitcoin's recent dip to $92,774 has hodlers scratching their heads, not institutions! Despite Michael Saylor's $5B BTC buy, the price didn't budge, leaving analysts like Eric Balchunas to point fingers at long-term holders. 🤔

- Onchain data shows ETFs aren't the culprits; they've actually absorbed 90% of the selling pressure from hodlers.

- With Bitcoin's biggest monthly candle in history and a potential $100K milestone, some see this correction as a healthy pause.

- Leverage remains high, but no immediate deleveraging occurred, setting the stage for a sustainable rally.