BTC has fallen below 8, and the market is currently experiencing a fierce chip exchange, We will extract the data and see what is happening beneath the market. 1. The decline has caused substantial damage to the BTC price structure, breaking 8 while penetrating the most cost intensive area on the chain. The first support level did not persist for too long, which was the bottom buying position for short-term holders of $83.4k. The second support level of $80.7k is the true average price of BTC in the entire market, and it is also the last line of defense for the bullish structure, which was destroyed without any resistance. BTC has completely escaped from the cost support zone, and it is currently unknown where the bottom is, with a high probability of continuous downward exploration. 2. It is worth noting that as early as around January 22, the possibility of this wave of throwing pressure was captured on the chain, Within two days, a total of 16653 BTC (9867+6786) were transferred to the exchange, becoming the main source of selling during this period. Another source of selling is short-term holders, whose selling profit margin is close to 0.965. Simply put, the average loss for short-term holders is about 3.5% before leaving. 3. In the institutional field, ETF selling and micro strategies buying have been mentioned in many institutional analyses. Compared to selling within the industry, ETFs are also the main force in smashing the market. -1/29 net outflow of $817.8M; -1/30 net outflow of $509.7M, of which IBIT alone had an outflow of $528.3M. In contrast to ETFs, Strategy is still playing a bullish role. In January, Strategy increased its holdings of approximately 37215 BTC, which is related to its company's balance sheet. Some traders may judge BTC's short-term support level at 7.6w based on the cost line of the strategy, but to be honest, it is not too strong. Finally, don't forget the source that triggered all of this, which is the tightening expectations brought about by Kevin Warsh's nomination. The macro narrative has not eased, and the outflow of ETFs will not stop. However, as long as there is a possibility of easing, the next few days are the best opportunity to buy at the bottom.