Why couldn't a super large spot payment of nearly 80 million US dollars support BTC? Because the real support is not 'someone hanging up to buy', but the fact that even after the selling price falls, the price still cannot fall. The 45 minute high and low points of BTC continue to move downwards, and the price falls below all moving averages. The short - and medium-term moving averages form a bearish pattern and synchronously move downwards, indicating that the trend, chips, and order flow are weakening together. The signals released by footprint maps are more direct: During the decline, negative Delta values such as -498 and -727 appeared continuously, and active selling continued to dominate; After falling below $64000, the seller was still able to push down the price, indicating that passive buying below has not been fully absorbed. The most crucial thing is the super large purchase of Binance spot: Entrustment price: $64000 Initial size: 1255 BTC, approximately $80.32 million Actual transaction: 1235 BTC, approximately $79.04 million Transaction rate: 98.41%, with the remaining portion subsequently cancelled This order did receive a lot of selling pressure, but it did not change the price direction. More precisely, it did not form support, but temporarily provided a whole block of exit liquidity for active selling: sellers kept smashing downwards, and buying orders were constantly consumed; When the carrying capacity is exhausted, prices continue to search for the next layer of liquidity. Based on the current BTC price of $62930, if this 1235 BTC buy has not been sold or hedged, the whale will incur a floating loss of approximately $1.32 million on its books. However, there is also a noteworthy detail in the footprints after the low point: when BTC rebounds, positive Delta values such as+258 and+375 continue to appear, indicating active buying; But the price only returned to around $63275 at its highest, and then weakened sideways again. Active buying increases, but the price cannot continue to rise, which means that these price chasing buy orders may be absorbed by passive selling from above. This is currently more like 'short covering+low-level rebound', and not yet a new trend accumulation. On a macro level, the fluctuation of the Japanese yen may be one of the catalysts for this round of decline. According to reports, Japan has intervened by buying yen, while the United States has conducted exchange rate inquiries, and it has been reported that the Ministry of Finance has requested some banks to prepare for possible actions. This strengthens the market's expectations for coordinated intervention and rapid appreciation of the yen. Once the Japanese yen rapidly strengthens, arbitrage positions that have long relied on low interest yen financing may be forced to shrink. BTC, as a risk asset that trades 24/7, has strong liquidity, and high volatility, often becomes one of the first assets to be sold during the deleveraging stage. But macro news is more like a catalyst than the sole cause. Before the intervention expectation appeared, BTC had already fallen below the moving average, the rebound height continued to decline, and the active selling in the footprint chart was also strengthening. In other words, the BTC market was already weak, and the yen event only accelerated the decline and leveraged clearance. Next, we will focus on observing three locations: -$62460: Near the low point of the short-term structure. If there is a huge negative Delta again but the price no longer sets a new low, it indicates that the selling pressure may be truly absorbed; -$63275: Low rebound high point in this round. If you stand up again, it proves that the buyer is beginning to gain short-term pricing power; -$63800~$64000: A super high cost area for buying, and also the latest area for locking in and exchanging chips. If it cannot be recovered, this will shift from "support" to rebound pressure. In summary, $79.04 million can buy a large number of sell orders, but cannot buy a trend reversal. The real bottom is not a big buy, but an increasing number of active selling, but the price can no longer fall.