I think (2) will be delayed and timed to dump btc and crash prices at $100k levels or more. That's when it gets max leverage.
Also note, (2) isn't profit booking. People who book profit max $$ for their btc. People dump btc has different goal; crash btc prices (maybe to buy btc cheaper, or not).
Also, (2) isn't easy because btc crash also means alts to btc inflow.
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