Short-term buyers have really borne the brunt this time!

A loss of as much as 2.8 million $BTC, this scale is almost comparable to the time when FTX collapsed. Those who rushed in above 104k in the past few months? Basically all stuck inside.

What's more interesting is that long-term holders have been steadily selling off since July – those who have held their tokens for several years are being gradually cleared out.

You say this is the top? Not necessarily; you say it's the bottom? That's even more absurd.

The key now is whether there are new players in the market willing to take on this batch of short-term chips.