It has been a week since the BTC crash, and from the data results, the positive impact of this round of decline on the market is far underestimated. The market before the decline is actually very dangerous: When BTC fell below $70000 on June 2nd, the open interest in futures rose to 773000 BTC, with an annualized funding rate of 10%. Coinbase Premium was close to -100 at that time, and there were no buyers for spot trading, so no one was willing to reduce their holdings. Most investors still chose to use leverage to bet on a rebound. On June 4th, BTC fell below $61000, and within two days, the entire market cleared about $3 billion, while the overall market OI decreased by 8.5% to $111.4 billion. During this period, a large number of speculative ETF chips were withdrawn with stop loss. The US spot BTC ETF had just ended 13 consecutive trading days of net outflows before June 5th, with a cumulative outflow of over $4.4 billion in 13 days. The total assets of the ETF also decreased from $104.29 billion at the beginning of this round of outflows to $80.4 billion. That is to say, after this round of decline, the selling pressure above has instantly eased a lot. The current problem is that the total demand for BTC is continuously declining, which means there are fewer and fewer buyers. In theory, BTC has just entered a period of consolidation.