The short-term trend of Bitcoin is clearly about washing contract leverage back and forth, especially for those with high leverage. The spot market hasn't washed out many people; those who didn't exit during the last round above 100,000 have mostly run away recently. Those who haven't run are basically preparing to hold out for a historical new high. Even though Bitcoin has dropped 5,000 points, it's actually only 5%. It's just that the price base is large, so it feels like it has dropped a lot.