The total liquidation scale across the network has exceeded several billion dollars. Behind this figure is a standard liquidity harvesting in the futures market.

Don't expect stop-loss to save you. The double kill of long and short positions is a script that is designed - after a few days of silence in an extremely low volatility range, it suddenly ramps up, and on-chain arbitrage scripts have already been set up. While retail investors are still analyzing support levels, professional institutions are manipulating weak liquidity through flash loans, triggering a chain liquidation.

Contracts are never a tool for increasing positions, but a mechanism for clearing positions.

Looking at the cost distribution curve of BTC holdings, and comparing it with the abnormal fluctuations in the open interest of ETH options. The real turning point of the market is often hidden in the subtle changes of these data.

Each round of extreme market conditions is a reshuffle of wealth. Your margin quietly flows into a few accounts through the exchange's dark pool settlement system. The real winners do not flaunt their success on social media; they only withdraw their coins in bulk during the early morning hours.

$BTC $ETH $SOL

Now it's time to ask yourself: Are you the fuel for this game, or the one who lights the fire?

The market rewards players who understand the rules, regardless of different emotional states. Only when you understand the on-chain capital flow and the options position structure can you truly grasp the real pulse of this market.