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$BTC just lost $78,000. That is the line a lot of people said would not break if the ETF bid was real. It broke anyway. From above $81,000 this morning to under $78k after the speech. About $100 million in longs got wiped in four hours. That is not a “healthy wick.” That is the market taking the people who bought the $80k hold narrative and forcing them out. This was always the risk today. $BTC spent the whole session hanging around $80,000 like the decision had already been made. $ETH kept losing $2,500 and people still called it a base. Options expired this morning. Warsh spoke at Jackson Hole. The first reaction was never going to be polite. When the chair talks and the range is that tight, leverage dies first. $100M in four hours is the receipt. Those were not long-term holders. Those were positions that needed $80k to stay $80k. Once price slipped through $79k, the cascade does the rest. Stops trip. Margin calls hit. The same level that looked like support becomes fuel on the way down. That is why it felt sudden. It was not sudden. It was crowded. Does this kill the bigger picture? Not by itself. ETF flows were still green into this. Weekly inflows were still heavy. A flush under $78k can be the market cleaning the late longs after a run from the $60s. It can also be the first real break of the range that $80k was supposed to defend. Those are two different trades, and the next $1,000 decides which one it is. Hold and bounce from here, and this was the shakeout people said they wanted. Lose $76,000, and the “institutions never left” story has to survive a deeper test. $ETH will not look brave if BTC stays under $78k. The $2,500 argument is over for the session if Bitcoin is busy liquidating. Alts that were “rotating” an hour ago become the exit. The frustrating part is how obvious it looks now. Above $81k felt like confirmation. Under $78k feels like betrayal. It was the same day. Same speech. Same crowded $80k level. The only thing that changed is who was leveraged the wrong way. This is why you don’t marry a round number on a Fed day.