From on-chain data, today's sharp decline is quite interesting. BTC dropped from $69,171 in the early session to $66,167, a decline of over 3.6%, but the perpetual contract funding rate remained at a neutral level of 0.0008%. This indicates that the futures market did not experience panic selling, but rather a concentrated sell-off in the spot market.

The most notable point is that the Fear & Greed Index has fallen to 12, reaching an "Extreme Fear" state. Historical experience tells us that when retail investors are in such extreme fear, it is often a good time for institutions to build positions. As expected, several large holders tracking thousands of coins quietly increased their holdings today.
Particularly noteworthy is a whale address holding over 20,000 BTC, which made three large purchases in a row when the price fell below $66,500. This behavior is very typical—buying the dip while retail investors panic sell. The daily trading volume of 1.28 billion USDT also proves that today's turnover was indeed very intense.
From the behavior pattern of the whales, they clearly do not believe this decline is trend-based. Now, it all depends on whose judgment proves more accurate.