Throughout the last week of price declines the rates have stayed positive meaning longs were still paying shorts, implying continuous buying pressure, likely by those trying to time a bottom. But after this mega nuke the leveraged long traders got liquidated. When you clear out leveraged traders it becomes harder to move the price as fewer will be liquidated accelerating price changes. To summarize, retail investors lose in crypto because they take big risks with small money with big leverage and the big boys with big money then flush them out and the crypto lifecycle begins again making the whales richer and more capable of manipulating the market the next time.
