The intensification of market fluctuations and the extreme competition between bulls and bears. Whales use high leverage tools to amplify their market views, and their large-scale position establishment and liquidation behaviors themselves also become important factors affecting market liquidity and short-term price trends. For ordinary investors, the most important lesson is: leverage is a double-edged sword. Whales can still incur huge drawdowns due to misjudgments, so do not blindly follow high-leverage trading. A deep understanding of market risks and good position management are the keys to survival. #比特币与黄金战争