In recent years, bulk trading has accounted for over 50% of the market share, and liquidity is tight in bear markets. Trading will rely more on bulk trading, and close trading often reduces efficiency and has significant slippage. Bitcoin is once again approaching the annual low of 58K today, and has fallen to the trading intensive area before Trump's victory. Although the new micro strategy policy has a certain boosting and stopping effect on stocks, it is like adding insult to injury for cryptocurrencies. The area above 55K is the key support, as the area below 40K is almost empty. The bonds that relied on ETFs and micro strategies to push up the market may have to be repaid now. Looking at the big cycle, the current market is very dangerous.