**1. During the Panic, Whales Quietly Enter the Market**

The supply of BTC on exchanges has fallen to a 7-year low. What does this mean? While retail investors are still panicking and selling off, whales and institutions have already been quietly accumulating. The classic script of "fear among retail investors, greed among whales" is playing out again. Retail investors are shouting "bottom is in," but the big funds have already quietly accumulated, and the net inflow data of ETFs is supporting this story.

**2. Short-term Critical Test for BTC, Medium-term Still Has Imagination Space**

How important is the 88k-89k level? If it breaks, it’s likely to trigger a liquidation of long positions, testing down to 84k-85k. But as long as this line holds, many institutional investors believe there is still a chance for a rally, targeting 94k-95k, or even returning to 100k.

A more aggressive voice comes from Wall Street analyst Tom Lee, who insists on a breakout to a new all-time high before the end of January 2026 (over 126k), even boldly stating a year-end target of 200k-250k. Although this prediction is considered somewhat aggressive by many, it at least reflects some institutional optimism about the future market.

**3. Ethereum is Being Suppressed, but the Potential for a Turnaround Might Be Greater**

Compared to BTC’s volatility, ETH’s performance appears somewhat powerless. The downward trend around 3080 has been more severe than Bitcoin’s. Market opinions on ETH are divided—some are willing to buy the dip at 2800, while others have already started to quietly position at lower levels.

Interestingly, the same Tom Lee has publicly predicted that ETH could reach $9,000 in early 2026, which would be a 177% increase from the current levels. From another perspective, perhaps the suppressed ETH actually hides greater opportunities.