On-chain data monitoring shows that around 11:25 AM on January 22, a deep-positioned BTC long holder chose to close their position as the price dropped to approximately $89,900. This whale account had previously attempted to go long 30 times, finally hitting the stop-loss on this occasion — all 64 BTC long positions were liquidated, totaling about $5.79 million. From the trading records, this account likely experienced a series of small setbacks after continuously being bullish, ultimately unable to withstand this wave of decline. Large position liquidations often cause short-term shocks to market sentiment, especially at technical support levels being broken. The whale’s stop-loss selling pressure tends to amplify the downward price movement.