The panic sentiment in the cryptocurrency market continues to ferment. The Fear and Greed Index (FGI) has dropped to 12, firmly in the "extreme fear" state. In the past day, the total liquidation in the market reached 4.46 billion USD, with long positions liquidated totaling 3.5 billion, accounting for nearly 80%, which can be described as tragic.

Interestingly, just when retail sentiment was approaching freezing point, the whales on the blockchain began to pick up chips against the trend.

Data shows that around 20.8 million USD worth of large spot buy orders appeared near 61,500 USD for BTC. Furthermore, several key levels at 51,000, 57,500, 58,500, and 60,300 have also seen millions of dollars in buy walls accumulating. It is evident that the main capital is gradually accumulating at low levels.

What’s even more interesting are a few specific actions: The mysterious whale on Hyperliquid that goes by “Set 10 Big Targets First” has flipped from shorting for profit and is now going long on BTC; another address has opened a 1x leverage position near 63,784 USD to bottom fish. On one side, there is market panic driving prices down, while on the other, the whales are quietly acquiring inventory, showing a clear divergence signal.

Besides BTC, capital is also flowing into HYPE. One whale address (0xb5E4..Fc24e) is using a TWAP strategy to continuously buy 269,000 HYPE in the past 24 hours, spending around 19.6 million USD. Currently, this address's HYPE holdings rank second across the entire network, second only to BTC.

From the four-hour level of Bitcoin, the bulls' volume has basically been depleted. The rebound cannot hold up at all; it falls back down with even the slightest upward push. What does this indicate? It suggests that there’s a high probability of another wave of accelerated decline later, so friends still in the market should fasten their seatbelts!

Of course, when it really breaks below 60,000 USD, there will certainly be some short-term bottom-fishing coming in, and there will also be some stubborn bulls resisting one last time. However, the bulls are already at their last breath; such a desperate struggle without buying support cannot stop the overall downward trend. If this wave of defense cannot hold, the liquidity vacuum could trigger even more intense panic selling. At that point, the deep correction trend of "breaking six and rushing to four" would be highly anticipated.

Short-term support is seen at 63,000-62,500, strong buying pressure is at 61,500, and resistance levels are at 64,500 and 65,800.

If BTC can regain 64,500, sentiment may slowly recover; but if it breaks below 61,500, then one must be cautious of the risk of chain liquidations. The current market sees excessive volatility, so it’s best to trade lightly and quickly in the short term, and definitely avoid high leverage to hold positions.

As always, the market is risky; the above is merely an information share and does not constitute investment advice.

Public Account: Big Bull Says Market

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