The fall of Bitcoin today can be summed up in two words - burst the bubble.

It's not that some macro narrative has collapsed, nor is it that a specific project has blown up. You see Bitcoin, Ethereum, and mainstream coins all going down together; this kind of correlation indicates a simple problem: the market is clearing leverage, and large holders are being passively liquidated.

This type of liquidity-induced sell-off has been seen many times in history, usually coming quickly and leaving just as fast.

The second-tier tokens are even worse, the AI sector fell by 28%, GIGGLE dropped directly by 37%, and ASTER also fell by 13%. This is not a collapse of the project's fundamentals, but a collective liquidation of on-chain leverage. The liquidation list is definitely going to be a bloodbath, with both long and short positions getting buried together.

However, there is a key signal worth noting: the trading volume has not shrunk.
There is selling pressure, as well as support. Even in panic, there is still capital engaging in speculation, which is a healthy market response. If both volume and price fall together, then that would be a real problem.

My judgment is very straightforward - this is either not a signal for the end of the bull market or a textbook-level "leverage washout." A market that falls sharply often rebounds fiercely.

As for the operational aspect? Today I choose to remain inactive.
I'll wait for Bitcoin to fall to the price that I have in mind before taking action. Ethereum is now completely dependent on Bitcoin's performance. I will gradually build my position in SOL. For altcoins, I will only engage with the strong narrative leaders; it's better to avoid the trend-following coins, as it’s easy to get stuck halfway up.

The essence of the market is actually very simple: stay calm during the fall and stay clear-headed during the rise. Surviving in this market is more important than anything else.

What do you think of this adjustment? Let's discuss your thoughts in the comments.