Market Structure & Key Interpretation Points

• The liquidation wave is still ongoing, but its scale has retreated compared to more extreme moments; the dominance of long liquidations indicates that bulls are under significant pressure at high levels.
• The actions of large whale withdrawals and multiple transfers suggest that high-level funds may be preparing for diversification, evasion, or lock-up, rather than a short-term large-scale sell-off.
• The price has retraced to around $110k . If the support is lost, the market may further test the range; if there is a rebound, it needs volume confirmation.
• Under the backdrop of macro uncertainty (China-U.S. trade, policy turmoil), short-term fluctuations will intensify.
• If bulls want to stabilize the structure, they must effectively prevent continuous breakdowns and strengthen financial support.