In the past two days, the crypto world has once again learned a lesson. Bitcoin surged to nearly $90,000, and the market heat instantly skyrocketed; then without giving any reaction time, it plummeted straight down to over $86,000. At first glance, it seemed like just a normal correction, but suddenly, the hourly chart spiked, and the price was hammered down hard, only to bounce back to around $87,000 in the blink of an eye.

Strangely, the price came back, but the accounts didn't. Stop-losses were triggered, and liquidations followed. Those who chased high were swept out, and those bottom-fishing at low levels were caught off guard.

Then the familiar lines appeared again—market manipulation, market control, the crypto world is always unfair. The reason these explanations are so easily accepted each time isn't because they're necessarily true, but because they hit emotional triggers.

Imagine that moment: your judgment is instantly overturned, your positions vanish, and the market moves on as if nothing happened. Human instinct is to find a "scapegoat," an enemy to point fingers at.

The word "whale" perfectly fills this psychological gap. It gives failure an object, and chaos a logic.

But here’s a thorny issue: this kind of explanation only serves as a post-hoc rationalization, and is useless for pre-trade decision-making. You can't figure out who the whale is, when they will strike, or if they will come again next time. Once you buy into this narrative, trading becomes even more stressful—because you're always in a game you can't see clearly.