#机构与散户持仓行为 looked at Benson Sun's analysis, and it indeed hit the point. BTC's performance in the 85K-90K range essentially reflects two main activities by the major players: cleaning out high-leverage long positions and harvesting retail traders on the right side of the trade. Frequent V-turns and trap setups may seem fierce, but in reality, they are just liquidity sweeps, not true directional movements.

The key detail is the funding rate—before the US stock market opened yesterday, it remained neutral at 0.01%, but after the open, it dropped directly into negative territory, indicating that high leverage positions have been thoroughly cleared. The defensive points are clearly in place; the 84K low on December 1st was tested multiple times without being effectively broken, and structurally, the market still leans to the bullish side.

The most interesting development is that recently BTC has started to show signs of decoupling from the US stock market. The candlestick from yesterday morning is a typical "temperature check" signal. Once US capital enters the Christmas holiday and becomes relatively dormant, liquidity pressure eases, and the market may indeed be approaching a launch point.

In terms of trading logic, the current stage is about controlling positions well and not being fooled by short-term volatility. High-leverage retail traders have been mostly wiped out, and genuine incremental funds are still on the sidelines. Patience in waiting for the moment to break out of this vacuum zone is more valuable than blindly bottom-fishing.