$1.3 billion liquidation data is indeed shocking, but don't be scared by this number. Every time the market falls into panic, it's often the moment when contrarians step in.

The current situation is actually quite interesting. Bitcoin is hovering around $83,757, but institutional players are quietly accumulating. Once it breaks through the $92,402 threshold, the $1.4 billion in short positions will face liquidation pressure—this kind of short squeeze, combined with liquidity replenishment, can often generate significant upward momentum. This is not a minor rebound but a structural shift.

Let's look at the changes on the supply side. After the fourth halving, Bitcoin's daily new supply has dropped to 450 coins, and scarcity is gradually becoming apparent. At the same time, 74% of Bitcoin is in long-term lockup, meaning the truly circulating chips are decreasing. At this point, large institutions like BlackRock and Fidelity are continuing to buy through spot ETFs, with US ETF holdings exceeding 800,000 coins. This is not retail hype but large capital deploying assets with real actions.

The macro environment is also shifting. The Federal Reserve's rate-cut cycle has begun, the dollar is weakening, and the world is facing an asset shortage. In this environment, Bitcoin, as a non-sovereign, inflation-resistant digital asset, is becoming an important tool for hedging risks. Even the Texas government has started building strategic reserves, which sends a more convincing signal than any technical analysis.

Short-term volatility is inevitable, and that's normal. But historically, the 12 to 18 months after each halving cycle are critical periods for wealth reallocation. $92,000 is not the end but just the beginning of a new valuation rebuild. The real opportunity never appears when everyone is comfortable—it brews quietly when people hesitate and fades quietly when consensus is high.