It has been a week since the BTC crash. From the data results, the positive impact this round of decline has brought to the market has been greatly underestimated.

The market situation before the drop was actually very dangerous:
On June 2nd, when BTC fell below $70k, the open interest in futures increased to 773k BTC, with an annualized funding rate of 10%. Coinbase Premium was close to -100 at that time, spot market had no buyers, no one was willing to reduce their positions, and most investors still chose to leverage and bet on a rebound.
On June 4th, BTC dropped below $61,000, liquidating about $3 billion across the entire market within two days, while the overall market open interest decreased by 8.5% to $111.4 billion.
During this period, a large amount of speculative ETF holdings cut losses and exited, with the US spot BTC ETF ending a 13-day streak of net outflows before June 5th. Over 13 days, a total of more than $4.4 billion flowed out, and the ETF’s total assets decreased from $104.29 billion at the start of this outflow to $80.4 billion.
In other words, after this round of decline, the selling pressure from above was instantly greatly reduced.
The current problem is that the overall demand for BTC continues to decline, meaning fewer and fewer buyers. Theoretically, BTC has just entered a consolidation phase.