These past two months have been really tough for the crypto market. Bitcoin plummeted from its early October high of $126,272, even briefly breaking below the $90,000 mark, hitting a new low in over seven months. The market's fear index dropped to 9, the lowest since the COVID-19 wave in 2020—can you imagine?

The most surreal part is that even those so-called "smart" whales got caught in this round of decline.

One whale remained bullish on ETH after a sharp drop in October, thinking "it must rebound after falling so deep," but the market didn't follow the script and continued to decline. In just two months, they lost $9.32 million and finally exited the market. Another big holder, who once boasted of being "battle-hardened," saw their account shrink by $31.8 million in two months, shattering their reputation. Even more outrageous are the whales who have been liquidated; one lost $6.25 million in 30 days, with their account wiped out.

Even institutions holding heavy assets haven't fared much better. MicroStrategy, the largest corporate holder of Bitcoin, CEO Fong Lee recently hinted for the first time that they might sell Bitcoin in extreme crises. Keep in mind, this company has always claimed "never to sell," and this statement alone shows how much market pressure there is.

It seems the current market shocks are enough to shake even those previously seemingly invincible long-term positions.