The Bitcoin downturn is not related to the cryptocurrency market.

The underlying strategy that helped it in the third quarter is now working against it, and the market is re-evaluating all the leveraged positions that thought $80,000 was a permanent barrier rather than a good basis, therefore it’s falling in value.

This past week the value shift saw that trend.

Over the weekend, Bitcoin fell below $80,000, hitting a low of $79,280 before a small rebound.

Bitcoin and Ethereum were the most liquid assets, with almost $400 million in long positions liquidated in just four hours.

A substantial $442.6 million left spot Bitcoin ETFs through the course of the week, with a particularly huge outflow of $635.5 million on…