Anybody care to elaborate why?
Due to $1.5M PoW mining expense every single day, Bitcoin price will naturally drop when there's less than $1.5M capital inflow into the eco-system per day.
Bitcoin owners are basically charged a 10% tax by PoW mining network every single year, unless there's capital inflow to subsidize this tax. So far, Bitcoin owners has been very lucky, since in the past there indeed was huge amount of capital inflow to make the PoW mining expense seem insignificant. But this year might be the first time Bitcoin owners is feeling the expense of PoW mining.