Looking at the recent BTC trend, that large buy order of 3.78 million USD first made me think that it's not about institutions entering the market bullishly. If you observe the market logic carefully, this looks more like a carefully orchestrated short squeeze hunting for stop-losses.

This active buy order most likely originates from short positions being forced to close or hitting stop-loss levels at high prices. Market makers or large traders often use such forced buy orders to quickly fill their limit short orders at high levels — this is a classic tactic.

Considering short positions, the area above the green circle is indeed a natural stop-loss zone. But honestly, I am still in a wait-and-see mode. The key point is that the 15-minute low hasn't formed a solid breakdown, and the structural reversal hasn't been firmly established. The market is unlikely to give a reverse signal so quickly, so it's better to wait for a clearer pattern. The trading is still under observation...