Last weekend, the market suddenly faced a precise strike.

A certain exchange took advantage of the most illiquid period to throw out over 1 billion USD worth of spot sell orders, directly crashing the Bitcoin price by nearly 10%. This maneuver not only liquidated a large number of retail investors' long contracts but also violently penetrated a key on-chain cost-intensive area—the price fell into the 'chip vacuum zone' between 74,000 and 79,000 USD, fundamentally disrupting the market's original structure.

Currently, 74,000 USD and 76,000 USD are considered psychological support levels by many; the former corresponds to institutional holding costs, while the latter is a key node of historical highs. However, reviewing on-chain data reveals that there aren't many chips piled up above 71,000 USD; the real concentrated liquidation area is hidden near 72,000 USD—if one wants to see an effective technical stop of the decline, the price will most likely need to first probe down to this point.

The root of this decline actually lies at the macro level. If uncertainties like geopolitical issues continue to persist, funds are likely to maintain a risk-averse stance and remain inactive, making it difficult for the outflow trend of ETF funds to reverse in the short term.