This year's crypto market can be described as being in deep water and intense heat, with some crypto assets having fallen nearly 40% from their peak. Bitcoin has dropped from $126,000 to $80,000, with as many as 403,000 people getting liquidated in one day, totaling $20 billion.

These are all "smart money"; they have their own logic, but they still got liquidated.
The current crypto market can be said to have rendered any fundamentals ineffective. When all existing narratives are completely debunked and overturned, the next new narrative point should be coming soon. Just hold on a little longer.