Today is a day that will be recorded in the history of the crypto world, a day of great wealth transfer in the market, and a day when many users lost everything. The Candlestick only takes 2 hours to rewrite the fate of hundreds of thousands of players and their families.

Sitting in front of the computer, replying to some questions from dynamic friends, maybe they also expect me to write something. But to be honest, I don't know what to say. Since this morning, I have received calls from seven or eight friends in a row, all complaining about the darkness of this crypto world. Some entered the crypto world because of me, while others are just acquaintances from the business world. The conversation always revolves around the historic liquidation of 1011, filled with anger, crying, helplessness, and confusion, yet not a single person told me that they still had bullets to buy a little today.
A night has passed, and blood has flowed like a river. Anxiety is contagious, and as someone who has been through it, I deeply understand the pain of this moment. Therefore, I have no mood to write. As for my own account, today it has also retreated by hundreds of thousands, but this situation is acceptable to me. After all, during the National Day holiday, I inexplicably gained more than a hundred thousand. If you don't leave the market for a day, the money in the account won't truly belong to you, so just watch those ups and downs; don't deceive yourself, and don't scare yourself.
I don't want to talk about the comforting truths anymore. Adults need to experience real events, to see the breadth of the market and think deeply about the trends, perhaps only then can they truly grow. I understand that most of my friends are in a difficult situation right now. Even if they don't engage in contracts and only do spot trading, they are struggling to get back to break-even. However, the market has not failed to provide us with opportunities for adjustment; it's just that most people are still living in the inertia and illusions of the past, repeatedly wasting opportunities. Just like a friend's friend in the comments section, holding onto SATS, what did that result in today?
To put it bluntly, many people fail because of a lack of thinking and laziness, always believing they will be that lucky one who is an exception. This market is full of traps and scams; without a certain level of understanding and mindset, it is very difficult to achieve stable profits. Winning small and losing big is a true reflection of this market. I wrote about this a long time ago; the real data of this market shows that the majority of people are losing money. Without considering your personal abilities, the size of your funds, and the choice of your track, the probability of losing money when you enter this market has already exceeded 80%.
Because this market is not a zero-sum market, on average, it is very normal for the fees and exchange rate to erode 8%-10% of your principal each year. If you tend to trade contracts or level one, and are accustomed to frequently trading spreads, then your annual closing yield will not reach more than 15%, and your account will be in a loss.
Moreover, the purpose of contracts, or the significance of contracts for JYS, is to provide spot market makers with tools to hedge against price risks. Retail investors like you and me are merely providing liquidity to the market, so there will definitely be major players and market control in this market. Relatively speaking, retail investors' bottom cards are completely transparent, and they certainly do not have an advantage. In the past, when pulling the network cable, they would at least put on an act, but now they don't even bother to pretend (for those who ask in the comments why they see low prices but still can't buy in, understand this statement yourself).
Today's market is the black swan I've been waiting for. I've been emphasizing the possibility of a pullback and the importance of being in cash. The market movements from 5 to 7 in the morning are a true representation of this extreme situation. Although there are various explanations online for this drop, the fact is that it happened. The news only allows you to exit gracefully, whether you make a profit or a loss. The market will not pity you; as a participant in this game, you can only accept it silently.
This morning after I woke up, I found that my previous order for ETH had been filled passively. After reviewing the market, I also actively opened two 5x short-term leveraged positions. Although I didn't buy at the lowest point, I have already used 50% of my remaining spot position. Overall, it's still within my acceptable range. Why did I use low leverage? On price trends that I consider to have high certainty, I will reasonably allocate part of my funds to gain some short-term profits. I've shared this idea a long time ago, but I do not recommend it for beginners, and such opportunities do not occur many times a year.
Based on past experience, it may not necessarily be the bottom now, but the range for the bottom is not far off. For mainstream altcoins that have the potential for a price increase, after going back and forth to test the support level, the market is likely to continue to rise, and it will be relatively easier and faster. So if you want to enter the market, just take your time and look for opportunities in batches. This time, it's best to take a medium to long-term approach, and the entry time should be maintained within 15-20 days. (You can refer to the subscription dynamic ideas in the attached picture.)
I have always hoped that this dynamic can bring you something, perhaps a sharing of experiences, perhaps an exchange of mental states, perhaps an observation of market trends, perhaps a friend’s confession, but what I will never output to you is the feeling of anxiety.
After 1011, I'm not sure how many friends still have the courage to stay in this crypto world. This crypto world changes too quickly; it seems like every day there are red and green Candlesticks, but the narrative logic, harvesting mechanisms, profit models, and behavioral guidance have changed drastically compared to a few years ago. If one cannot timely understand the essence of retail players' positioning and control their own greed, basically entering this world is just giving away money.
In recent years, many familiar faces have quietly left us. I know the market is harsh; even if you make a fortune shorting today, those who do not truly respect the market will inevitably face backlash from it at some point in the future. Therefore, whether you are a lucky one or a victim in this recent crash, we must always maintain a sense of respect for the market and reflect on our words and actions.
Respect the law of cause and effect, respect human nature,
The alarm in my heart rings long, remembering 251011.
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