Some of the main players in the on-site counterfeit market actually have very low inventory and are not willing to sell again. If we only look at internal factors, the market should have stopped falling and rebounded a long time ago. However, this wave of decline is almost concentrated in the US session, indicating that off exchange forces continue to hit BTC, and even if they hit the bulls, they will lose their temper. Meanwhile, Binance's perpetual holdings (OI) of BTC have exceeded 100000 BTC. In this cycle, as long as there is a structure of "consecutive days of sharp decline+rapid rise of Binance OI", the subsequent movements are almost the same: -2024/7/5: German government sells off -2024/8/5: Bank of Japan raises interest rates without warning -2025/2/25: Trump starts tariff war In the end, it was only when prices continued to decline and Binance's long positions exploded that they truly began to bottom out. I originally thought that the end point of the bears would be around 90-92K, but just after hitting 90K, the bears still didn't stop. This kind of stepping method is no longer explosive for retail investors. Real retail investors have been buried alive several times in the wave of bottom fishing at 100K. The bears are clearly targeting those persistent bulls who are low leveraged and rely on bull market inertia to "go long by stepping back on long-term moving averages", forcing them to completely surrender. After multiple orders fell below 92K, they all suffered losses. Being long in this market is like being a dog. I have been a dog for several days now. Let's divide the winners and losers and then find opportunities to enter the market. Let's go electric first.