#机构与散户持仓行为 After seeing Benson Sun's analysis, it really hit the point. BTC's performance in the 85K-90K range essentially reflects two main activities by the big players: cleaning out high-leverage long positions and harvesting retail traders on the right side of the trade. Frequent V-shapes and trap setups may look fierce, but in reality, they are just liquidity sweeps rather than true directional moves.

The key detail is the funding rate—yesterday, before the US stock market opened, it remained neutral at 0.01%, but right after the open, it dropped into negative territory, indicating that high leverage positions have been thoroughly cleared. However, the defensive levels are clear: the 84K low on December 1st has not been effectively broken multiple times, and structurally, the market still favors the bulls.

The most interesting development is that BTC has recently started to show signs of decoupling from the US stock market. The candlestick from yesterday morning is a typical "temperature check" move. Once US capital enters the Christmas holiday and liquidity pressure eases, the market may indeed be approaching a launch point.

In terms of trading logic, the current phase is about controlling positions and not being fooled by short-term volatility. High-leverage retail traders have been mostly wiped out, and genuine new capital is still on the sidelines. Patience in waiting for a break from this vacuum zone is more valuable than blindly bottom-fishing.