Panic Plate Escape! Yesterday, the realized loss after entity adjustment (EARL) on the BTC chain - excluding internal transfers between entities - reached a scale of up to $1.3 billion. Although it is much smaller than the $1.8 billion EARL generated when BTC rapidly fell to $85000 on November 21, 2025, and is not considered a huge amount, even in the history of the past decade, the number of times BTC's daily EARL has exceeded $1 billion is rare. (Figure 1) It is only in the context of a bear market that so many fear chips can be forced out. However, clearing the panic market can also provide BTC, which is currently in a downward trend, with a hard won breathing space. Reducing selling pressure is beneficial for temporary stabilization in the short term, which naturally leads to the formation of rebound expectations. In addition, as the concentration of BTC chips drops from a high of 16% on January 28th to 8.7% yesterday, it means that the probability of significant price fluctuations caused by locally too dense chip structures is decreasing. (Figure 2) Of course, there are many factors that amplify volatility, including contract leverage liquidation, option Short Gamma status, lack of market liquidity, and so on, and chip concentration is just one of them (here we are only emphasizing the volatility caused by this reason, not saying that other reasons will not exist). The reduction of volatility and the clearance of panic stocks are all aimed at stabilizing prices and creating favorable conditions for short-term rebound. However, whether they are strong or weak is another matter, which depends on the demand and potential energy. ----------------------------------------------- The above is only for learning exchange and not for investment advice!