The recent trend of Bitcoin has been quite tormenting - it falls down and then pumps back up, only to get dumped again. However, if you look closely at the market data, this doesn't quite resemble a classic bear market initiation signal. If the bull is truly dead, with this kind of fall, it would be heading towards thirty to forty thousand in a month, right? Therefore, I am more inclined to judge: the bull is still alive.

At this stage, friends who trade contracts must pay attention to risk control. Small funds can test the waters by bottom fishing, or use half of their position with three times leverage, but don't go All in. Personally, I think this position looks more like the main players are quietly changing hands—put simply, it’s a "change of the major players."

This operation feels familiar. Do you remember the end of 2023? Grayscale dumped heavily at the position of 48,000, while BlackRock quietly accumulated. Last July, Mentougou had a similar script; although they were also dumping, the main force was actually frantically buying. The current situation is strikingly similar: BlackRock is selling, while a mysterious new main force is buying. The market has never lacked for buyers; it's just that this time it has changed its disguise.