The recovery time after the "black swan" may be shorter than we think— This time it’s not an "external shock," but an "internal repair!" Yesterday's drop looked particularly fierce: 1.94 million people liquidated with $20 billion in funds, marking the largest liquidation in history; But upon closer inspection today, this drop is fundamentally different from the "external panic-induced crashes" like 312 and 519. The commonality in those two instances was: systemic risk + liquidity exhaustion. The difference this time is that it is a proactive clearing after an internal structural imbalance. It’s like when there’s a problem inside something, there will inevitably be an adjustment from the inside out, just like when you catch a cold, you will have a fever; the fever is to eliminate the bacteria in your body, but after the fever ends, you become a healthier version of yourself! 1️⃣ This is not a black swan, it’s "systemic self-purification" In Bitcoin's history, every mid-cycle bull market has been accompanied by a severe cleansing. But these adjustments are often not due to external policies or black swans, but because of overheating in the market, stacked leverage, and mismatched capital layers. This drop is no different. It’s not an external blow, but an internal need for funds and narratives to take a breather. This means: The panic bottom will pass more quickly; The adjustment space is more limited; The recovery speed will be faster than before. 2️⃣ Technically: still above the "Bull Market Support Band" From the chart, Bitcoin is still operating near the Bull Market Support Band. Historically, every time there’s a mid-cycle pullback in a bull market, as long as it holds this band, a new round of upward movement begins: Early 2023: +58.89% End of 2023: +197.15% Mid-2024: +121.51% 2025: +67.51% The current pullback is in a similar phase of oscillation. Each time, after completing corrections at the support band, it takes off again. The current pattern is almost identical. So rather than panicking, it’s better to quietly observe it complete its "technical reshuffling." 3️⃣ On the emotional side: deleveraging ≠ loss of faith This time, what was harmed was leverage, not consensus. There was no on-chain run, no CEX cascading, and no stablecoin de-pegging. This indicates: The market's trust foundation remains; Funds have not "fled," they have just "switched positions;" The underlying consensus remains solid, and once the risk capital is cleared, the market will regain rationality, and prices often rebuild trends faster than expected. Conclusion— The market will always find reasons to crash: sometimes it’s news, sometimes it’s emotions. But prices are always the most honest: They are just seeking a new balance. The real bear market collapse comes from external shocks— policies, dollar liquidity, systemic panic; And this time, it feels more like a halftime break in a bull market, The drop is a repair, and the repair is to go further. This is not an end, but an "evolution of defoaming." After this round of adjustments, with the bubbles squeezed out, the market will be healthier; New funds will enter during the panic, and old players will reprice risk; The multi-cycle rising logic of Bitcoin has not changed one bit. The market is panicking in the short term, but the structural trend remains unchanged. Don’t be swayed by the volatility; the real risk is not the drop, but losing your judgment in panic.