Recently, I saw the insights of a senior analyst in the industry; his judgment on Bitcoin is quite interesting. The core logic is as follows—BTC's fundamentals have not actually encountered problems; what determines the medium to long-term trend are still the three driving forces: institutional capital inflows, structural demand for Spot ETFs, along with the macro liquidity situation.

The short-term fluctuations are more a matter of market structure dynamics than a shift in fundamentals. This point is crucial.

The interpretation of that liquidation event is also very straightforward—it's not a signal of a trend reversal. Essentially, it was high-leverage positions being liquidated in a low liquidity environment, which sounds a bit like a "run". Once liquidity improves, this kind of panic often dissipates.

Therefore, to determine the true direction of BTC, we need to pay attention to institutional attitudes, ETF data, and the overall liquidity environment of the market.