On November 5th, the market truly panicked... The spot active trading volume difference (SVD) on exchanges shifted sharply towards sellers, reaching its highest peak since the start of the August rally, even surpassing the active selling pressure triggered by the Binance incident on October 30th. This deeper seller-dominated activity led to lower prices, meaning we cannot determine whether buyer order strength has increased. This is unless the next instance of similar active selling pressure fails to result in a lower price. A Binance black swan event and a US stock market crash—two consecutive shocks in a short period—have pushed market nerves to the limit, significantly damaging bullish confidence. Many are beginning to question whether the bear market is truly over. If the US stock market continues to crash, where will it take BTC? People are often most afraid of the unknown. This is when data is needed to help us see things more clearly. In my personal experience, it will take at least several weeks, or even a month, for the market to digest the panic; a direct V-shaped rebound is unlikely. For us, whether it's setting stop-loss points or finding entry points, this period requires close monitoring of investor behavior, sentiment, and changes in the market's structure. If you're interested, you're welcome to join our subscription area to discuss this further, where more data will be shared in real time.