Interestingly, many so-called "traders" haven't truly understood the core reason behind today's decline.

The essence of the market has never been emotion, but capital flow. The risk-averse and arbitrage funds that flowed in during the A-share market closure before the New Year are essentially a temporary liquidity supplement. When the A-shares resumed trading, this capital completed hedging and profit realization, then flowed back out, creating a short-term bloodletting effect.

This is also the underlying logic of today's decline—liquidity withdrawal, not just a technical breakdown.

As for whether a true bottom has already formed here? The current evidence is not sufficient. Market data shows that large sell orders are still continuously being released, and on-chain and exchange chip structures have not yet shown clear signs of accumulation. If whale funds are still in the stage of phased distribution, then the so-called "bottom confirmation" is more of an emotional judgment.

Trend judgment has never been about guessing the bottom, but about following the capital.
It's premature to talk about a reversal before incremental funds re-enter the market.
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