I said, “What concerns me the most right now is this: when strong selling pressure appears, there is no clear whale buying demand to absorb it.” That was my main concern at the time. That concern has now become reality. Even in very pessimistic markets, we usually see some signs of hidden whale accumulation taking advantage of the situation. This time, those signs are missing. Buying liquidity has effectively dried up, which suggests that very few participants currently view Bitcoin positively. If that were not the case, sharp sell-offs would normally be met with buying, shown by long lower wicks forming on candles. That is not happening in the market right now. This indicates that even if a bottom eventually forms, the process is likely to take a considerable amount of time. What concerns me even more is what I observed in the $80K–$90K range. Instead of fear, there was strong confidence across the market that fear should be treated as an opportunity. To me, this made the situation feel more serious not only from a liquidity perspective, but also psychologically. By my standards, there is still nothing that suggests conditions have meaningfully changed. At this point, it appears that much more time will be needed.(mignolet)