Bitcoin Falls Below $84,000 Cost-Basis Cluster; Only 9 of 125 Top Tokens Gain

The move matters less for its size than for where it landed: the largest cost-basis cluster was the level most likely to hold, and it did not. Near-zero funding alongside a broad altcoin drawdown suggests leverage was already flush rather than crowded, so the selling looks more like spot de-risking than a forced unwind. Whether price can reclaim that cluster, and whether funding turns negative, is the open question.