This night is truly a river of blood. I just woke up this morning and took a glance at the market, and the total liquidation in the past 24 hours surprisingly surged to 1 billion dollars. This is not a pullback; it's simply a targeted demolition. I know many people must be cursing right now or staring blankly at the shrinking numbers in their accounts. But I must say, this wave of leverage killing is really ruthless and thorough. Let's take a look at the market: $BTC smashed through the so-called key support level in one go, and $ETH is even more tragic, dragging a bunch of altcoins back to where they were half a year ago. There were signs of this long ago. A few days ago, that kind of gradual decline was clearly a trap to lure in buyers, yet a bunch of people still fantasized about breaking the previous highs and crazily opened high-leverage positions. How many years has the main force played this trick? Yet there are still people rushing in to sacrifice themselves. Of the 1 billion dollars, how many were contributed by those brave souls who refused to believe in evil?

The logic of the market has changed now. Stop focusing on those so-called positive news, such as ETF inflows or interest rate cut expectations; they are nonsense in the face of liquidity exhaustion and leverage chain reactions. Last night's significant drop in volume clearly indicated that large funds were retreating without regard for cost. It could be a macro-level thunderstorm, or it could be some institutions stabbing each other in the back. When an asset like $BTC can experience such a drop in a short time, it indicates that there are significant problems with the underlying liquidity. I find it most ironic that during such times, a bunch of so-called analysts pop up on social media to analyze support levels. Where is the support level? The support level is where the liquidation orders are queued up. There is fundamentally no technical analysis in the current market; it's purely emotional speculation and liquidity plundering. If your current spot holdings have not been washed out, congratulations, you have already won over most people.

When the leverage ratio reaches a certain level, the market will spontaneously initiate this cleansing mode. This is a self-repairing process, although the process is extremely bloody. The current downward inertia is still present; don’t rush to catch falling knives. The current bottom is still being confirmed, and this level of liquidation usually involves a second bottoming process; the main force must ensure that those who want to come in and pick up cheap deals also get hurt. How to proceed next? My advice is to control your hands, watch more, and act less. Right now, $SOL or $BNB may seem very cheap, but if there is no liquidity support, what is called cheap is just an illusion.

I just want to ask, how much of your triple, fivefold, or even tenfold contracts are left now? What exactly did this wave of 1 billion dollars in tuition teach you? Did you learn to stop loss, or did you learn to never touch leverage again? Let's chat in the comments and see how many of your kind have survived this storm. If you think this is just a small splash, then I can only say that your reverence for the market is not enough. The focus now is not on how much to earn, but on how to survive in this meat grinder until the next real opportunity arises. Don't become someone else's exit liquidity and still think you are bottom fishing. If you are still holding a full leveraged position praying for a rebound, you may not have seen the bottom cards of this game clearly.