4E: Crypto Market Flash Crash 1.20 billion Dollars; Whale Cut Meat; Bitcoin Cycle Law or End

According to 4E observation, the crypto market suddenly crashed on Monday, and the total position squaring exceeded 1.20 billion US dollars in 24 hours, of which bulls accounted for more than 90%. Bitcoin once fell from 108,000 US dollars to 105,000 US dollars, and Ethereum fell sharply from 3,700 US dollars to 3,500 US dollars, both of which exceeded 100 million US dollars in one hour. The Coinbase Bitcoin Premium Index maintained around -30 US dollars during the plunge, indicating that US investors may be the leading selling force.
According to the monitoring platform Ember, the account known as the "Top 100% Winning Whale" cut the meat position squaring multiple orders worth $258 million in BTC, ETH and SOL 8 hours ago, losing $15.65 million and almost giving back all the profits of the past 20 days. At present, the account still holds a long position of about $148 million, losing $18.86 million.
CryptoQuant CEO Ki Young Ju pointed out that the bitcoin "halving four-year cycle" model may no longer apply. Its analysis said that the giant whale's unrealized profit margin is in a neutral range, mining companies continue to expand, ETF and MicroStrategy buying has slowed, short-term giant whale is close to breaking even, while long-term giant whale still maintains about 53% profit. Overall chain data shows that the market has shifted from cycle-driven to institutional liquidity-driven.
4E Comments: The market flash crash reflects the fragility of the highly leveraged structure and the upward linkage pressure of US bond yields. If Bitcoin enters the "cyclical" stage, future fluctuations will rely more on the rhythm of institutional funds and macro liquidity signals than historical experience.