Get ready for the New Year. In a bullish mindset, this kind of market condition is like a dog standing on the roadside—everyone gets a punch in the face. The price of Bitcoin at 70,000-71,000 corresponds to $ETH around 1800-1900. In comparison, Ethereum is a bit stubborn, almost unreasonable. Every night, the neighboring fund is moving assets, and Huazi has already been selling continuously to repay debts and reduce leverage. Institutional thinking is different from retail investors. Retail investors might think they can just tough it out; at most, they’re not afraid of spot trading. For institutions, it’s about going with the trend. If they can’t stop it, they’ll sell into the trend; if the price drops further, they’ll buy back later.