Here's a possibly pessimistic view: BTC may test 90,000 downward and ETH may fall below 3,000; I think both positions are possible. It's not just a random guess, mainly based on the recent actions of large investors on-chain, changes in holdings, and the distribution of the liquidation heat map.

First, let's talk about the whale data from Hyperliquid. The entire market currently has $5.591 billion in holdings, with shorts accounting for $2.963 billion and longs only $2.628 billion, the direction is already very clear. What's more concerning is the profit and loss status: the bears have already made $257 million, while the bulls have lost $186 million. The shorts are currently in a favorable position, and generally, during such times, they won't easily withdraw but may continue to apply pressure.

Looking at the recent whale trading records. Several million-dollar BTC and ETH orders were "buy to close" — meaning that previous short positions have been taken off the table. But here's the problem: After closing the positions, the market did not rebound, and the bulls have not gained any strength. If these large investors choose to short again, the price is likely to continue to fall. This "silence period after closing positions" is usually not a bottom signal but rather resembles a power accumulation phase for the next wave of market movement.

The liquidation map is more intuitive. The long positions of BTC are concentrated below 94655, but the range from 94000 to 90000 is almost empty, with no effective support. Once it breaks 94000, it can easily trigger a chain liquidation, sliding directly to around 90500 or even 89800. This is a typical "vacuum zone" — stepping in means free fall, and the decline often exceeds the expectations of bulls.

The situation for ETH is actually more dangerous. In the context of overall bearish sentiment in the market, if ETH follows BTC's plunge, breaking 3000 is basically a given, and the next decent support level will be at 2850. Therefore, once BTC enters an accelerated decline mode, ETH will likely follow suit with increased volume.

To summarize: whales are bearish, short sellers are making profits, large investors are not going long, and the support below is weak—overall, the probability of BTC breaking 90000 and ETH breaking 3000 is indeed not low. Of course, this is just a judgment based on existing data, not investment advice. If a major positive development suddenly occurs, the situation could also reverse instantly. But based on the current scenario, the bears are indeed dominant.