#Gate广场创作者新春激励 Hotspot Analysis:

Behind the $240 million liquidation data, it reflects the intense volatility of market sentiment. Short positions dominate the liquidations, indicating that during short-term adjustments, the bearish sentiment has encountered a "longs are killed by longs" brutal situation.
From the perspective of capital flow, the nine consecutive days of negative premium in Cb are particularly noteworthy. This is not just a matter of price differences but also a deeper reflection of the increasing risk-averse sentiment among American institutional investors. When traditional safe-haven assets like silver hit record highs, Bitcoin, as "digital gold," performed relatively lagging, which sends an important signal: in the face of extreme uncertainty, funds still prefer traditional safe-haven assets.
However, from a fundamental perspective, the market is not without highlights. A report from Gate Research Institute points out that by 2026, Bitcoin's holding structure is continuing to concentrate among large institutions and professional custodians, which actually helps improve overall market stability. Additionally, the U.S. government has explicitly included seized BTC into strategic reserves.
Regarding Ethereum, Vitalik has clearly stated that in 2026, the focus will be on privacy and autonomy, promoting Layer 2 development, while Tom Lee boldly predicts that ETH could hit $12,000 within the year. These long-term positive factors are often overlooked in short-term panic.
Web3 Knowledge Point: What is negative premium?
Negative premium refers to the situation where an asset's price on a particular exchange is below the global market average. In the cryptocurrency market, when Coinbase's Bitcoin premium index is negative, it indicates that Bitcoin prices in the U.S. market are relatively lower than the global market, usually reflecting greater selling pressure or capital outflows in that region.