The recent fluctuations of 大饼 are obviously much more intense than those of the second largest. Suddenly raising interest rates in Japan has directly pulled a round of funds from the global pool—this matter is probably not over yet.

For BTC, consensus is certainly important, but liquidity is the key. To put it bluntly: the yen was once as cheap as a giveaway, but now it has suddenly increased in price. Players who relied on yen arbitrage started to panic and hurried to close their positions and run away. Once the funds were withdrawn, the market immediately panicked, leading to a chain reaction of liquidations.

I still hold the same view - short sellers should eat the meat first, and when the price approaches 75,000 or 80,000 USD, build positions in batches. Remember one thing: no one can accurately predict when a bull market will return. What is the advantage of contracts? Locking in profits and minimizing losses during a bear market, and when a bull market comes, using profits to roll the snowball and keep going. Don't think about bottom fishing or picking tops all day long; surviving is more important than anything.