BTC has retraced nearly 40% in less than a month, and it's hard to imagine that this price resilience is due to the entry of Western institutions such as ETFs and micro-strategies. ETFs are currently experiencing only a 7% outflow of funds, which is not the main reason for the decline. Micro-strategies, on the other hand, are holding on with extremely tight positions. This crash began with the collapse of precious metals gold and silver, then spread to the crypto, and subsequently to the US stock market. The director speculates that a very large institution on Wall Street (not in the crypto) engaged in a liquidation-style averaging/closing-down operation, disregarding all prices, which triggered a series of domino effects. BTC at 60,000 is estimated to be the first line of defense in the bear market. The director also participated in this defense. The long night is slowly approaching, and the four-year cycle of the night watchman has begun.