The story of the main force's large orders in the past 12 hours clearly illustrates the situation—

On the sell side of BTC, the sellers acted decisively, with a $31.87 million sell order directly pressing down, while the buyers' $20.91 million appeared somewhat powerless. Net outflow was $10.96 million, and the buy-sell ratio dropped to 1:1.52. The meaning behind this number is very clear: the capital structure is clearly tilted towards short positions.

Details determine success or failure. The largest sell order of $8.46 million was directly dumped, with selling pressure being somewhat concentrated and fierce. The largest buy order of $9.59 million looks substantial, but the follow-up order volume is insufficient, clearly lacking sustainability. The willingness on the buy side to absorb the pressure is obviously declining.

Short-term pressure is now on the table; whether this wave of selling pressure can be alleviated depends on subsequent capital attitudes. The direction of #Strategy加仓BTC $BTC $ETH must be closely watched.