CryptoQuant analyst Axel posted on social media that between January 13th and 15th, the "Bitcoin: Advanced Sentiment Index" rose to approximately 80%, an extremely bullish level, coinciding with the price approaching a local high of $97,000. Today, however, the index has plummeted to 44.9%, breaking below the 50% neutral threshold. During the early hours of today's decline, over $205 million was liquidated in a single hour. The spot oscillator surged to +97.96%, indicating that the liquidations were almost entirely driven by long positions. The scale of the liquidations suggests that this was forced liquidation rather than proactive selling, a typical "leverage-clearing" pattern in an overheated market. If the liquidation volume continues to decline in the coming hours, it will indicate that the deleveraging process is nearing completion. Axel explained that the "Bitcoin: Advanced Sentiment Index" composite index integrates the volume-weighted average price, net active volume, open interest, and the long/short volume difference. A break below the neutral line signifies a shift in market structure and a deterioration in risk quality. A return above 50% and sustained stabilization would be the first sign of market stabilization; a further decline into the 20% bearish zone could trigger a deeper correction.