Today’s market essentially reflects a marginal tightening of macro liquidity combined with on-chain institutional chip distribution triggering a sharp decline, coupled with spillover of Middle Eastern risk aversion sentiment. BTC’s key support level experienced a volume breakdown, and short-term net outflows from spot ETFs offset previous incremental funds. The futures market with high leverage long positions faced continuous liquidations, leading to thinner order book depth, increased spike selling, and intensified volatility.