#市场调整与情绪 Christmas week liquidity exploded directly, with BTC perpetual contracts evaporating $3 billion overnight, and ETH also lost $2 billion😅. That’s why recent volatility has been so painful; exchanges are on holiday, and retail traders are still stubbornly going long or short.

Bannmu Xia is right, this isn’t a good level to go long, and the risk is indeed accumulating. On Friday, there are still 300,000 BTC options expiring (that’s $23.7 billion!), with the maximum pain point at 95,000, so let’s just wait to be squeezed. So many bullish orders are at 100,000, and bearish orders are at 85,000. The area in between is the meat grinder.

Low liquidity also amplifies volatility through tax stops; holidays are like this—things may seem to have momentum, but it’s really just complex consolidation. Historical experience shows that January is when mean reversion occurs, so current participation isn’t very cost-effective.

Keep watching the show, and we’ll see when liquidity returns💭