One of the primary reasons I believe we are getting a pullback in BTC and subsequently Alts is due to the fundamental derisking of flows and positioning headed into the elections. 

However, there are other factors which I also believe are notable and possibly more impactful for the current PA we're seeing in Bitcoin. And it is the notion that though we've seen $12B+ inflows via ETFs, this money is not as sticky and/or long-term as we are assuming. This money is happy to clip 10-20% gains into/after the election. And now that it is not supporting the bid and likely pressuring the ask, we see continued and sustained momentum downward in BTC prices. 

The floor, imo, for BTC will likely be low 60s again as this seems fair value for this entire range since March. If that level breaks, then we have serious issues.