In the past 30 days, although BTC has dropped more than 30% from its peak, the BTC balance on exchanges has decreased instead of increased, with a net outflow of 60,000 coins from CB, likely flowing into USA institutions.
Today, there was a downward spike in liquidity, and the current price has reached some shutdown prices, getting closer to the cost price of MicroStrategy and ETFs, with limited downward space remaining.
That hard and solid big pie will eventually come back.