From the data, during this drop, investors holding less than 10 bitcoins show a significant trend of reducing their positions, while those holding more than 10 bitcoins are buying the dip. This indicates that as the price of bitcoin falls, short-term investors are experiencing panic, while long-term investors remain relatively stable, with some large holders still buying the dip.

Currently, veteran players holding large positions in bitcoin are watching from the sidelines, but those heavily invested in altcoins are surrendering. This is also the reason I have repeatedly emphasized the need to manage altcoin positions carefully, as holding large positions in altcoins can be very challenging for one's mindset during extreme market conditions.

Next, we need to pay close attention to the U.S. non-farm payroll data to be released on Friday, as this will affect short-term market sentiment and price trends. This drop is likely a risk-averse reaction to the non-farm data. If the non-farm data shows rising unemployment and declining employment, then the Federal Reserve may consider opening up more rate cuts.