Today's market looks like the apocalypse is coming, but those who watch closely can sense another signal - this is more like a chip harvesting battle meticulously designed by market makers.

There is an old saying that is repeatedly validated in the crypto market:行情在绝望中诞生，在犹豫中上升。Looking at the screen full of red and liquidation data in the market software, retail investors have long been scared stiff. Panic spreads rapidly.

But here's the interesting part - after so many years of market analysis, today's decline and a real crash are two different things. The market makers haven't fled; instead, they are quietly accumulating positions during this wave of panic.

The market sentiment indicator has fallen into the extreme fear range, close to a level of 20. When have we seen this number before? The lowest point of the bear market in 2022. History tells us that the more extreme the sentiment, the closer the turnaround.

**Key data doesn't lie**

On the surface, it seems like a comprehensive decline, but flipping through the accounts tells a different story.

The price difference of Bitcoin between the three major platforms has reached $200-350, with frequent spikes, while the buying pressure below is getting thicker. Large buy orders are just sitting there, refusing to withdraw, indicating that someone is firmly taking the orders.

Stablecoins on the blockchain have not escaped, and instead, centralized exchanges are still experiencing net inflows, while those whale addresses are quietly accumulating. This forms a bizarre contrast to the apparent panic.

The liquidation data is indeed scary, but strangely, the trading volume has shrunk. There is no new selling pressure, and the panic selling from retail investors has been systematically absorbed. What would a real crash look like? It should be a continuous wave of selling, with trading volume skyrocketing. But now? It doesn't seem like that.