Listen, don't be fooled by the phrase "whales fading away." The market has already changed.

ETFs and institutional funds have become the new ballast; this is a structural shift. The traditional halving cycle theory may no longer be valid, but the underlying logic of supply tightening still exists—these two should not be confused.

The repeated fluctuations around the 90000 mark are essentially the transition point between the old retail era and the new institutional era. It's not a sign of market collapse; quite the opposite.

The volatility at 87000 is indeed uncomfortable, but it's a necessary pain during the cycle transition. Remember this change in pattern: in the past, "whales dumping caused crashes," now it’s "institutions continuously buying to build a bottom." The game rules have changed.

Looking at the rebound towards 98000 is not blind optimism; the 4-hour moving average death cross is narrowing, which is a solid technical signal. If you go short, it’s not a bearish view on Bitcoin itself, but an acknowledgment of the current market stage during the shoulder phase.

After this correction, a new trend will truly begin. Don’t jump off the train before dawn—stay steady.