Analyst: This morning's decline is a typical "sharp drop clearing leverage" market, and if the strong balance continues to decline, it indicates that the deleveraging process is approaching completion BlockBeats news, on January 19th, CryptoQuant analyst Axel posted on social media that between January 13th and 15th, the "Bitcoin: Advanced Sentiment Index" rose to an extreme bullish range of about 80%, synchronized with the price approaching a local high of $97000. Today, the index has plummeted to 44.9%, falling below the 50% neutral threshold from top to bottom. Axel explained that the "Bitcoin: Advanced Sentiment Index" composite index combines volume weighted average price, net active trading volume, open contracts, and long short trading volume difference. Breaking below the neutral line marks a shift in market structure and a deterioration in risk quality. If it can return to above 50% and continue to stabilize, it will be the first signal of market stabilization; If we further explore the high bearish range of 20%, it may trigger deeper adjustment risks. In the early morning decline this morning, the hourly strong flat exceeded 205 million US dollars. The spot oscillator index surged to+97.96%, indicating that strong consolidation is almost entirely dominated by long positions. The scale of the forced liquidation indicates that this is a forced liquidation rather than an active selling, which belongs to the typical "sharp drop clearing leverage" mode of an overheated market. If the strong flat volume continues to decline in the next few hours, it indicates that the deleveraging process is approaching completion.