The conclusion is this: this was actually a stampede, not just a correction. Those who bought in at 81,000 yesterday are already at the peak today. From 81,199 to 75,143, a drop of $6,000 in one day. Yesterday, $3.6 billion in short positions were wiped out; today, conversely, $428 million in long positions were liquidated, with $265 million in long positions wiped out in just 12 hours. Both bulls and bears took turns being slaughtered; no one escaped. But the real driving force isn't on the blockchain, but on Wall Street and Seoul. The US stock market lost $3 trillion overnight, the worst night since the tariff collapse last April; the South Korean KOSPI fell 8%, triggering a circuit breaker; the Nikkei 225 fell 5.8%; the South Korean government held a meeting that day and suspended the 140% guarantee requirement for securities firms for three months. When global funds are withdrawing, BTC has no independent price movement. Accounts that previously predicted "decoupling from US stocks" have all gone silent today. Even those most knowledgeable about costs are starting to withdraw. Core Scientific announced it will no longer mine Bitcoin, and Bitfarms sold all 2,520 BTC it held, investing the $192 million in cash into its AI data center. The Fear & Greed Index plummeted from 50 to 28 overnight, shifting from "neutral" to "fear." Chainalysis was hacked and Japanese exchanges suspended withdrawals, amplifying the panic both on-chain and on exchanges. Options settlement is at 4 PM today, with 75,000 being a key level. Short sellers have $430 million in settlement orders below that level. Don't rush to buy in this global panic; wait until settlement is complete and see if the price can hold. Those chasing highs and lows now are essentially contributing to the liquidation data.