My phone didn't stop buzzing all night, the screen was flooded with various messages. Opening the market software, Bitcoin directly smashed through the $100,000 barrier, falling below $98,000. In the trading group, some people said to cut losses, some asked whether they should stop loss and rug pull, and others shouted "It's over." But after reviewing all the data, I found that the underlying logic of this big dump actually revealed a great opportunity.

**What triggered this big dump?**

A veteran player who has held Bitcoin for 15 years suddenly made a move, clearing out a position worth 1.3 billion dollars in Bitcoin. The magnitude of this selling pressure is enough to trigger a systemic reaction—institutions follow suit to reduce their positions, and retail investors panic upon seeing the data, leading to a chain of liquidations. The key point is that this guy's cost may have been around 1000 dollars, and selling now is purely to realize profits, but this selling pressure is enough to shatter the psychological defenses of retail investors.

**The decline of US stocks has dragged Bitcoin down**

Recently, tech stocks on Wall Street have performed poorly, and the Nasdaq index has been on a downward trend. Interestingly, the price movements of Bitcoin in recent years have become increasingly correlated with U.S. stocks. Institutional funds are sensing danger signals and starting to withdraw money from the crypto market to fill gaps in the stock market. Naturally, Bitcoin has become a cash machine. However, to be honest, this correlation-driven decline is purely an emotional issue; there is actually no bad news on the fundamentals.

**Fear sentiment has reached an extreme**

The Fear and Greed Index has fallen to single digits, and the market has collectively plunged into extreme panic. A single day saw liquidations of 7.3 billion USD, with 430,000 people being liquidated in an instant. This is why the decline appears so severe—not just due to the selling pressure itself, but also the compounded effect of chain liquidations.