Remember that crazy market after the pandemic? Back then, the Federal Reserve's massive liquidity injection directly pushed BTC from its floor price to the sky, multiplying dozens of times. And now, a similar grand show is unfolding—two rate cuts and a pause in balance sheet reduction, with trillions of dollars of liquidity flowing across various asset classes.

But honestly, this time the game logic is completely different.

Back then, retail investors dominated; now, the game is led by institutions. The assets under management of spot BTC ETFs alone have surpassed the hundred-billion mark, with top institutions like BlackRock and Fidelity holding over 24% of BTC and ETH. Even more astonishing, 86% of institutions have included digital assets in their portfolios. What does this mean? A large portion of the chips are locked away in these institutions' vaults for the long term, making truly high-quality holdings in market circulation increasingly scarce.

Once genuine buying pressure kicks in, it won't be a gentle rise—it will be a squeeze with no chips to throw. Short sellers looking to push prices down won't find a steady stream of cheap chips to suppress the price.

How tough are the current short days? The October liquidation wave directly shattered the so-called short alliance. The remaining traders are mostly just residual forces trying to hype the market with hired water armies. What are the smart money doing? They are reducing leverage, adding positions at low prices, and hoarding cash, waiting for the best moment—this is the real strategy to survive bull and bear cycles.

Don’t be fooled by daily fluctuations. The Federal Reserve’s easing cycle won’t end easily because underlying debt pressures and employment issues are unavoidable. The institutions' allocated chips also won’t be easily sold, as this is part of their long-term strategic planning from a compliance perspective. So every correction is a window for institutions to add to their positions, while for those still shorting, it’s the last chance to escape.

Close your positions early to lose a little; wait too long, and you’ll lose a lot. The crypto world has always been this brutal—bold traders survive, hesitant ones perish. In this short squeeze, are you ready to jump in, or will you be eliminated?