What I am most concerned about is still the stock data of the exchanges. From the detailed data, it can be seen that during the week, as the BTC price fell, the stock showed a gradual upward trend, with all exchanges' Bitcoin stock increasing by 10,000 coins.

From a more detailed perspective, the two exchanges with the largest positions are Coinbase and Binance, with their BTC stock accounting for about 60% of the total stock across all exchanges.

Among them, the BTC stock on Coinbase has been declining along with the BTC price, indicating that more American investors are gradually buying BTC, especially when BTC experienced its first drop during the week.

On the other hand, Binance's BTC stock has shown an upward trend, increasing by about 20,000 BTC. This also indicates that investors on Binance are showing more obvious signs of panic selling during the decline, with some investors choosing to deposit their BTC into the exchange to seek an exit.

However, looking at the annual data, we are still at the bottom of the overall exchange stock. My personal view on this decline is very clear: it is most likely due to panic caused by the suspension and insufficient liquidity, rather than systemic risk.

When the suspension ends, there is a high possibility that the price will rebound somewhat. Therefore, from the perspective of most investors' positions, only a little over 10,000 BTC experienced panic, while the majority of holders are still treating the situation calmly.

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