At 2:17 AM, the alarm sound from the market software pulled me from a half-dream state. When I opened it, BTC had already plunged to $86,213, and ETH directly broke $2,700, with a total liquidation amount across the network of $230 million—this number jumped faster than my heartbeat.

Even more bizarre is that candlestick chart: mainstream platform tokens plummeted from 890 to 839.85 in a straight line, in less than 5 minutes, as if the daily support level never existed. The WeChat group has become a complete mess, with contract veterans collectively "reporting from the rooftop," and even the big influencers who usually analyze things impeccably are starting to shift blame: "Is there a bug in some exchange?"

But those who have been watching on-chain data for 8 years know that this kind of "needle" is not a bug, it's a scalpel.

I checked the on-chain records and found that three things happened simultaneously: a large sell order of thousands of BTC appeared on the leading exchange; the call options for ETH with a strike price of 2650 were cleared within 10 minutes; and the on-chain transfer volume of USDC suddenly surged by 300% in the 3 minutes before the crash. These three actions combined are not panic selling; someone is precisely harvesting.

Retail investors see a "crash," but veterans see a "reallocation of chips." While you are cutting losses, someone is picking up the bloody bargains; while you are doubting life, someone is calculating the cost replacement ledger.

The market has never been short of drama; what is lacking is the ability to understand the script. Behind this spike, there are three key signals – whether you can avoid the next massacre depends entirely on your ability to read the "clear card moving" game of the whales.

(Note: The original text mentioning "1. The Large Whale's Clear Move" seems to be incomplete, further analysis logic to be supplemented.)