The market is bleeding, can the support hold?📉

Looking at recent market trends, Bitcoin has fallen nearly 30% from its all-time high and broke the $86,000 level. The question isn't how much it has fallen, but who's dumping—data points to a group of people: long-term holders.

Let's analyze a few phenomena:

**How strong is the selling pressure?** Over the past month, this group has set a five-year high in liquidation volume. The most painful part is that the buying support is clearly insufficient, with liquidity being extremely thin.

**Where is the money flowing?** There is a noticeable influx of funds into digital asset investment products. $ETH saw outflows of $55 million, $BTC outflows of $46 million, but $SOL is actually attracting funds, indicating that big players are selecting specific sectors.

**What does technical analysis say?** Analysts suggest Bitcoin might be consolidating between $83,000 and $95,000. The $86,000 level has now become a critical point for bulls and bears.

**Interesting counterparty:** Just when everyone is dumping, large whales on the chain are quietly accumulating $ETH—over the past seven weeks, they have bought positions worth $170 million.

The market now seems to be searching for a new balance point. What’s your take? How long can the long-term holders' selling wave last? Is this a risk or an opportunity for accumulation?