BTC falls below 66,000, long positions liquidated for 1.36 billion.

My short position is floating with a profit of $5,000, but I can't smile.

Damn, BTC has dropped below 66,000. The market is crashing!!
I got lucky this time; those bullish can start positioning in electric vehicles!
Just glanced at my phone, BTC is at 66,458. It has fallen 6% in the past 24 hours, with long liquidations totaling $1.36 billion. I opened my short at 68,001, and my floating profit has increased from $3,600 to over $5,000.
But I can't smile. Because this drop doesn't look like a normal correction.
——
First, let's talk about what happened.
1. Strategy sold 32 BTC.
It's not a financial issue, it's a psychological one. The largest bull since four years suddenly acted, and the market took it as a sign of “bull surrender.”
2. ETF net outflows for 11 consecutive days.
Total outflow reached $3.45 billion, with a record monthly net outflow of $2.43 billion in May. Institutions are voting with their feet.
3. Middle East situation escalated.
Oil prices soared to $97. According to the “digital gold” logic, BTC should rise. But gold went up, and BTC fell. Mark Cuban said he sold most of his BTC because BTC didn't rise after the war broke out, which disappointed him.
All three investment narratives are shattered:
● Inflation hedge? PCE rose to 3.8%, BTC down 36% in a year.
● Safe haven? Middle East conflict, BTC drops.
● Digital gold? Gold is rising, BTC is falling.

Bloomberg analyst McGlone even suggested BTC could drop to $10k. He's not predicting; he's asking a question: if these three stories can't hold anymore, what does BTC still have left?
——
But on-chain data tells a different story.
● BTC holdings on exchanges dropped to 2.2 million, the lowest in 7 years.
● Long-term holders hold 78% of the supply, not selling.
● Institutions hold 18.5% of the total supply and are still buying.
● Supply loss rate is 40.6%—historically, 48%-50% usually signals a bottom, we're very close.
● Texas government liquidated IBIT shares into on-chain spot, managing their private keys themselves.
● USDT has issued an additional 1 billion tokens, waiting to enter the market.

——
The real split is here:
Wall Street is running, ETF outflows for 11 days straight.
Sovereign entities are accumulating, Texas government manages their private keys.
Macro is weak, rate cuts are unlikely, oil prices are rising.
On-chain is building a bottom, supply loss rate approaching historical lows.
Some are running, some are entering. I’m in the middle, holding a short, watching bulls and bears fight.
——
My position:
Short at 68,001, current price 66,458, floating profit over $5,000.
Liquidation at 75,200, with over $8,000 of room left.
I won't add to my position, nor will I close it. Set a stop-loss and wait for the market to tell me who wins.
● Break below 65,000 → Keep holding.
● Rebound back to 68,000 → Consider taking some profits.

I won't bet on the direction at this point. Because now, even fortune-tellers don't know what tomorrow will bring.
Holding my short, but I can't close my eyes.
Watch 65,000.