Bitcoin recently fell below $85,000, completely wiping out its gains for the year. Many previously believed that the "four-year cycle" had become invalid, but this round of decline once again closely aligns with it: over a year after the Halving, the price reached a new high followed by a deep pullback, and the recent concentrated reduce position by institutions seems to align with the cycle, with dumping triggering a chain of leveraged Close Position, causing the market to quickly weaken.