Last night's market can be summed up in one phrase: a typical 'door painting' trend, as fast as it surged, it crashed just as hard.

On the night of December 17, around 22:45, Bitcoin suddenly surged, with prices quickly climbing, breaking through $90,000 in the short term; many were just about to shout 'it's taking off,' but the next second—

Selling pressure came crashing down.

BTC not only gave back all its gains but also fell below $87,000;
Ethereum didn't fare much better, briefly standing above $3,000 before being knocked back down, and by the time of writing, it had already dropped to around $2,850.

In summary: the pump is fake, the harvest is real.

Liquidation data: both longs and shorts are being hit

According to Coinglass data, this wave of 'upward rush and downward wash' is quite tragic:

  • 1.94 billion dollars liquidated across the network in 4 hours

  • Long position liquidation: 72 million dollars

  • Short position liquidation: 121 million dollars

Whether you chase the rise or buy the dip, as long as you stand on the wrong side last night, you basically have to pay tuition fees.

Brother Ma Ji chased the high again, this time he really can't hold on anymore

The most watched is still the familiar face - Brother Ma Ji (Huang Licheng).

On-chain monitoring shows that during last night's surge, Brother Ma Ji chose to go long again:

  • Deposited 149,904 USDC

  • New open:

    • 40x BTC long position

    • 10x HYPE long position

    • Simultaneously increasing positions of 25x ETH long position

The result goes without saying - the market has directly reversed, and currently all three positions are at a floating loss.

What’s more heartbreaking is that according to hyperbot data statistics: over the past week, this 'long king' has accumulated losses of 3.4 million dollars.

It can be said: going long all the way while being hit all the way.

Written at the end

In the current market, to put it bluntly, there are just two words: torment.

  • The pump did not continue

  • The breakout was not confirmed

  • Once leverage is used, you can be washed back and forth in minutes

For retail investors, the most dangerous thing in such a market is not missing out but thinking it’s about to start, only to get on the bus and find the door shut.

A phrase for the current market: Before the direction is established, staying alive is more important than making money.