Bitcoin’s plunge to $65,000 has traders paying to protect against a fall to $50,000

- Bitcoin just vaporized $1.8B in leverage, proving that "dip buying" is just a polite term for financial suicide. We’ve crashed below $70k, and now the market is frantically buying puts for a $50k floor. Why? Because Strategy—the holy grail of "never sell"—actually sold BTC to pay dividends. The corporate proxy for accumulation is now dumping, which is the ultimate roast of the "HODL" cult. Meanwhile, ETFs are bleeding $4B as institutions flee to AI IPOs like SpaceX and Anthropic. It’s not a crash; it’s a liquidity vacuum. The moonboys are crying, the bears are feasting, and Bitcoin is learning that even digital gold has a price tag when the macro gods demand tribute.