From the perspective of order size, the recent trading structure of the BTC spot market is quite interesting. Comparing the order book distribution of whales, medium-sized institutions, and retail traders reveals some insights.

After the sharp decline a few weeks ago, the retail traders' sell-off wave erupted in full force, causing the entire market to plunge into extreme panic. However, in the past two weeks, the situation has started to reverse—large orders from deep traders (i.e., major holders) have become active again. This is a signal.

Interestingly, retail order volume also briefly increased half a month ago, but this sign disappeared quickly. Currently, the market is dominated by large orders, and small retail orders are barely noticeable. The underlying logic behind this phenomenon is straightforward: main force funds are using shakeouts to clear out positions. Every time retail traders dare to increase their holdings, they are hit with a wave of sell-offs.

From a historical cycle perspective, it also has reference value. The last major decline's bottom consolidation lasted six or seven weeks, and this time, about five weeks have already passed. Considering changes in market depth and liquidity, it's hard to say whether the clearing process will continue to extend. The current market conditions are characterized by disorderly fluctuations, inefficient transfer of chips, and a test of patience. The market is in a game, and most people are being played.