Has the adjustment of BTC ended this time? I'll just say the answer, it is far from over.

It is not that the bottom of the bear market has not been reached, but that this stage of adjustment has not ended.

1. The minimum open interest for the March 12, 2025 contract reached 85 billion, while the current minimum open interest is 123 billion; BTC may still have room for decline.

2. The number of long positions in Hyperliquid is 37556, short positions are 16872, and the long-short ratio is 2.2.

3. Looking at the long-short ratio on Binance, it fluctuated between 0.5 and 0.8 during the lowest point in April-May, while the current long-short ratio is 2.2. When it plummeted to 80,000 on November 21, the long-short ratio was 4.21. This indicates that the sentiment is far from reaching the bottom, everyone is scrambling for chips, and at this time, the main players cannot buy chips; will they pull the market up for retail investors?

4. Back to the time in April-May of this year, there were basically no chips being contested at the bottom, because those who attempted to bottom out were stuck and busy cutting losses; this was when the main players were stepping in to take over.

5. I have said before: the true bottom must be bought only by the main players,

retail investors cannot really hit the bottom, unless you take out a loan or wait for your salary; before that, your chips must either not be locked in or cut losses at the bottom.