This analysis is still very rational. Hmm, I think it's really good.

Bitcoin has fallen below the 60,000 range, creating the third-largest oversold zone in history! Amid the cries of liquidation from long positions, 90% of retail investors are cursing 'manipulators' and 'ETF dumping'. However, upon examining on-chain data, it becomes clear that this collapse had no black swan event, and not a single true 'crypto player' was actively dumping! What crushed your account is the cross-border capital hidden behind yen arbitrage, institutions eager to pour money into AI, panic emotions harvested by rumors, and a group of crypto OGs engaging in infighting.

The most bizarre aspect of this situation is as follows: there was no policy shock, no major institutions collapsing, yet the drop is harsher than any black swan event. Retail investors are staring at candlestick charts trying to guess the bottom, but no one has considered that the risk has long spilled over from outside the crypto circle. What you perceive as 'internal stampede' is actually the domino effect of traditional finance crashing down on us.