At 8 o'clock this morning, a $120 million sell order directly smashed BTC from $91,965 below the $90,000 mark, and then, like knocking over the first domino, it plummeted all the way to around $85,900. In two hours, over $400 million in liquidations happened across the network, and the market instantly evaporated $120 billion.

Seeing this kind of scene, I didn't panic. On the contrary, I felt secretly pleased: this is exactly the vibe.

After playing for so many years, I can recognize this trick with my eyes closed—liquidity in the Asian session is already poor, then suddenly a large spot sell-off comes in, instantly triggering stop-losses for a ton of high-leverage longs. Panic spreads like a plague, and the FOMO retail traders stampede after them. To put it bluntly, it's meant to wipe out those with shaky conviction and over-leveraged positions.

But the more I look at the on-chain data and order book, the more interesting it gets:

The real whales haven’t sold at all—those dormant whale addresses haven’t budged. The main sellers are basically institutions and high-leverage players who bought the top in November and are now cutting their losses.

I had buy orders set below $85,000, lined up from $86,800 all the way down to $84,200, but not a single one got filled—the market got bought up at an even higher level, and the buying was fiercer than I expected.

Looking at the Fear and Greed Index, it plunged straight to 15, solidly in the extreme fear zone. Looking back at the historical records, every time the index drops to this level, there’s basically an 80%+ rebound space afterward.

Now I’ve only got 8% cash position left, all the rest is spot. I even canceled some of my stop-loss orders, because it’s clear that anyone who wanted to sell below $85,000 already sold out this morning.

This round of forced selling isn’t the end—it’s the beginning. The market is using the most violent way to clear out the last batch of hesitant longs and panicked retail investors, paving the way for the real main rally.