Recently, in this wave of market activity, major institutions are clearly hitting the brakes. Since the sharp decline in mid-October, retail investors have been largely wiped out, and institutional funds have begun to withdraw in an orderly manner. Compared to the frantic influx and sharp price increases seen in the first half of the year, the situation has completely reversed—whales are cutting leeks without hesitation, daily liquidations and margin calls are common, and the routine is to induce longs, dump the market, then induce longs again, and dump again, cycling repeatedly. Where there used to be occasional liquidations every few days, now it's outright snatching, with no attempt to hide it.

Retail investors' mentality has also changed. The dream of "turning 100,000 into 1 million" has shifted to "get back to break-even quickly, don’t lose more." We’re just enduring until 2025, and I really hope the market will be gentler in 2026, rather than so brutal.

From the data, in the past 24 hours, a total of 76,744 people across the entire network have been liquidated, with a total liquidation amount of $140 million. Among them, long positions liquidated amount to $75.0825 million, and short positions to $65.0199 million.

**Mainstream Coin Technical Overview:**

**BTC** is currently encountering resistance around 88,000. If it can stabilize above this level and close there, it may form a support-resistance switch, followed by testing the resistance levels at 89,100 and 90,100. Conversely, if it cannot break through and turns downward, key supports to watch are 85,800 and 83,600.

**ETH** continues to be supported at 2,835 and 2,730. The first resistance above is in the 3,015-3,020 range; if broken, it could challenge 3,150, but a pullback may occur near that level, so stay alert.

**SOL** as previously analyzed, rebounded from the support zone at 120-121. If the price falls back to around 120, observe whether the reaction remains effective.