The market is repeatedly being "ground up" in a meat grinder: bulls have been under pressure for three consecutive days, with Bitcoin oscillating around $95,000 in a frustrating tug-of-war.

Liquidation scale is still burning cash. On January 17th, the entire network's leverage cleanup didn't stop, with 24-hour liquidation totaling $121 million. Although this is somewhat less than the $300 million scale seen a few days ago, the most heavily squeezed are the bullish traders—long positions liquidated for $83.26 million, accounting for about 69%. In other words: those betting on a rise are being taken out one after another during the continuous decline.

The story on mainstream coins is even more heartbreaking. Ethereum's liquidation scale reached $23.15 million, surprisingly surpassing Bitcoin's $21.09 million. Why is that? Yesterday, Ethereum was hammered down from the $3300 level, and some high-leverage bottom-fishing funds were directly liquidated. Those traders probably entered expecting some positive news, but couldn't hold.

Technical risks are even more worth warning about. Currently, Bitcoin's long liquidation intensity is concentrated around $94,000. If it really breaks below this level, a chain reaction could occur, potentially triggering around $400 million in new liquidations. At that point, things could really get out of control.

In terms of market sentiment, top traders are all withdrawing cash, and liquidity has noticeably decreased. This kind of "gradual decline" is no longer a one-way major trend; instead, it resembles an internal confrontation among existing funds—shorts exploiting certain policy windows for targeted blow-ups. Those who can keep their composure will avoid being cut.