The decline of BTC reflects a loss of market confidence rather than a collapse of market structure. The three main factors leading to the decline are the continuous outflow of institutional funds, the decoupling from traditional market anchors, and the weakening of regulatory momentum. The current stage is a reset of the market, testing whether Bitcoin can surpass belief-driven rallies and regain support from regulators and institutional capital. Institutional selling pressure is a direct source of pressure; since October of last year, there has been a continuous net outflow of funds from the U.S. spot Bitcoin ETF, with outflows exceeding $7 billion in November and around $2 billion and $3 billion in December and January, respectively. Trading volume has shrunk accordingly, making prices more susceptible to violent fluctuations. Delays in regulatory progress have also intensified market volatility. This round of spot trading has already been trapped by 15 points; I am prepared for the cold winter. To think about returning above 120,000, we have to see September...