According to online reports, QCP Capital issued an analysis pointing out that nearly US$1 billion in positions in the cryptocurrency market have been liquidated since Friday. Even BlackRock's IBIT BTC ETF ended its 34-day record of inflows, with an outflow of $430 million. However, BTC remains surprisingly calm, hovering above $102,000 despite its high volatility, demonstrating its potential support level. At present, the volatility of Bitcoin has steadily compressed, and risk reversals across various periods have begun to normalize, indicating that the market expects a moderate price trend in the short term. Although some investors fled, some investors doubled their bets. For example, Strategy and Metaplan were clearly not to be outdone. Among them, Metaplan bought another $114 million in BTC after the BTC sell-off, bringing its total holdings to a symbolic 8,888.