Thursday might go down as one of the most painful days in crypto history. Investor confidence almost completely collapsed, and it wasn’t just the crypto space mourning—traditional media was also reporting on the massive liquidation in the crypto market. If nothing unexpected happens, $60,000 should be the bottom this time. Whether from the data perspective or the ETF perspective, investor panic seems to have mostly subsided, and sentiment for buying the dip at $60,000 has surged significantly. The most notable thing about this drop is that there wasn’t any actual bearish data, even from the U.S. stock market. From my personal point of view, the repeated historical lows in cash held by institutions and fund managers might be the main reason. As passive positions are released and prices drop, dip-buying should start again. However, the main conflict in the market right now is still Trump and the Fed’s monetary policy. Looking back at Bitcoin’s data, the price changes made the market feel like a roller coaster. Friday’s rebound made this weekend a bit easier; otherwise, I’d be worried about whether the low liquidity over the weekend would amplify price volatility further. Currently, after BTC bounced back to $70,000, market sentiment has eased somewhat. The biggest difference this time is that the distribution of holdings hasn’t shown a cliff-like change. Even early investors who are at a loss haven’t reacted strongly to this drop. Most BTC holders don’t seem too interested in short-term price fluctuations, even though it almost broke below $60,000. @bitget VIP, lower fees, bigger perks!