U.S. DEBT CEILING.Money is either being pulled out or reallocated to safe havens in anticipation that the U.S. Senate will not pass raising the debt ceiling and the markets will crash.
The only reason the markets are not dropping quicker is the belief that The Democrats will carve out enough of the Filibuster to pass the increase on a 50/50+1 vote.
If this does not happen look for a junior collapse . IE: DM drops to $0.05c overnight. Followed quickly by the DOW.
If they pass the legislation and especially push it out past the mid-term 2022 elections you will see the confidence return and money will return to the junior markets.
You need only look at Bitcoin at $54,000.00 today not that far off it's highs and heading that way yet, many COIN stocks are down today. EG: HIVE, NDA, CSTR, HUT, BITF and so on.
This is not just emotional it is self preservation for many who have too much vested in the markets.
Scary times.
JMHO