Today's market focus is not on the rise or fall itself, but rather on understanding "who is controlling the fluctuation and who is determining the direction."

Looking at several signals stacked together, the conclusion is actually quite clear— the structure still leans towards bullish, but the rhythm needs to be operated finely. The risk control score of BTC has slipped from a high position back to a low range, and this change means that the market is more suitable for position layout rather than following the crowd's emotions. The issue is that there have been several short bursts of risk pulses in between, typical of pullbacks, fakes, and liquidity sweeps, so while you can definitely take a direction, going all-in on a single point requires careful consideration.

Look at how the giant whale's long position curve is behaving. It has clearly been rising during this time, and later entered a high-level platform for consolidation. Today, I didn't see that kind of "cliff-like retreat," but rather it looks more like a controlled digestion after increasing positions — the language of the giant whale in the market is: I'm not in a hurry to push up, but I'm also not planning to throw away the chips in my hands.

Regarding M2 liquidity, it surged recently but then started to fall back and is now stuck at a low-level platform, which is a signal that "macroeconomic liquidity is cooling down." The direct consequence is that the market will find it difficult to rely solely on liquidity to drive extreme one-sided trends; instead, it is more likely to follow a rhythm of "oscillating upwards" or "advancing within a range." Don't expect a straight line of wild surges.

Finally, let's look at the changes in the market maker's gamma wall. In the early stages, the red bars (negative) were relatively heavy, gradually transitioning to the green bars (positive) dominating, and there was also a noticeable wave of positive amplification. This indicates that the market makers' hedging strategy has shifted from "easily amplifying fluctuations and suppressing the market" to "absorbing fluctuations and supporting the market." This is crucial for the whales — it means that the market may operate in a rhythm of "pullbacks providing entry opportunities and surges allowing you to reduce leverage."