When the tax exemption policy collides with Grayscale's pressure on orders, what you think is a good thing may be a grave dug for you by institutions!
Battlefield insight: Bloody strangulation under clear card games
After the White House announced the tax-free policy for small Bitcoin transactions, the market staged a textbook-level double kill of bulls and bears:
Retail investors charging madly
The moment the policy was announced, buying volume surged by 220%, BTC spiked to 121,002, just $3 short of the historical high. However, a certain whale placed nearly 10,000 BTC pressure orders at 120,500, forcibly pushing the price back to 120,164.
Main force precisely controls the market
Currently, at 120,164, over 9,500 BTC buy orders are stacked, accounting for over 78% of the entire network, forming a steel support wall. Meanwhile, at the 121,000 mark, there are massive short orders that could break through the 118,000 support level.
Dark currents are surging on-chain
The proportion of tax-free small transactions soared from 34% to 48% within an hour, but Coinbase surprisingly showed a 0.8% discounted large OTC sale, with institutions showing clear signs of fleeing.
Bloody lesson: Policy implementation is a signal for harvesting.
Last year (when the crypto bank bill) was passed, the same script was already evident:
On the day the spot ETF was approved in January 2024, BTC spiked to $100,000 before being crushed by 42,000 pressure orders, plummeting nearly 30% in two weeks.
Today's survival rules:
120,164 is the life-and-death line for bulls and bears; break it and immediately stop-loss and open a short position, targeting the gap at 118,566.
After breaking 120,500, hedge short $MSTR (with a correlation rate to BTC exceeding 90%)
Stay away from payment-type altcoins, as whales have already buried a massive short position.
Tonight's deadly danger zone
At 2 AM, Grayscale unlocks: 12,000 GBTC (worth $1.44 billion) hit the market.
Congress voting variables: Republican lawmakers exposed for accepting political donations from exchanges
The only hope for retail investors: If the 120,164 support lasts for more than 4 hours, there may be a lightning raid on the 121,000 pressure order!
On-chain ghost warning: The current support buy orders are equivalent to 11 times the daily average trading volume of Grayscale—it's either an iron shield or a coffin board!
No matter how attractive the tax exemption policy is, it cannot compete with the death line drawn by the $1.4 billion pressure order. As the K-line struggles repeatedly at 120,164
This is not sideways trading; it is a precursor to the blade falling!
Pay attention to convergence; join the convergence team to get tonight's escape coordinates... The deadly strike point will be revealed 10 minutes before Grayscale unlocks!
I am convergence, tearing apart the main force's lies with on-chain data.