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Bitcoin drops to $85K — the truth behind it might not be what you think. Market analysts point out that the main driver of this decline is not large-scale spot selling, but rather chain liquidations triggered by excessive leverage long positions. The specific logic is as follows: an initial small correction triggers forced liquidation of some leveraged accounts, and these forced sell-offs further push down the price, which then triggers more liquidations, forming a self-reinforcing downward spiral. From trading data, this cascade effect of liquidations is often much more intense than simple selling pressure. In simple terms, the market's vulnerability does not lie in how many people want to exit, but in how many are forced to exit — this determines the depth and speed of the decline.