Bitcoin lost more on Saturday than it did on Friday. Of the $7,215 BTC gave up across those two UTC sessions, 57% came on Saturday, while U.S. spot ETF trading was closed. Friday: −4.34% to $68,249. Saturday: −6.04% to $64,128. Sunday: BTC traded as low as $61,956 The detail I keep coming back to is volume. Reported bitcoin:native volume was slightly higher on Saturday ($44.0B vs. $43.0B), yet the price move was steeper. Turnover tells us how much traded. To understand why price moved that far, we should also look at how much buy-side liquidity was available when the selling hit. The weekend replay I want to see: how much BTC could sellers unload within 1% of the midprice on Friday versus Saturday?