Today's BTC trend is simply a bloody lesson in risk education for long positions.

First, let's look at the numbers: the BTCUSDT quote is 101,136.6, with a dramatic drop of 5.01% in the last 24 hours, hitting a low of 98,888.8 during the session—this position has now become the lifeline for both long positions and shorts. As for the trading volume? 28.625 billion USDT, with such a large amount of capital fighting it out, one can imagine how intense the scene is.

What’s even more magical is the story behind the data. The accounts of large holders' long positions account for 75.09%. Logically, such a heavy long position should be able to support the price, right? But what happened? The price of the coin still plummeted, showing no mercy at all. This scenario of "long positions clustering but being reaped in reverse" clearly showcases the brutal nature of the contract market.

Opening the trading details is even more interesting: the contract open interest increased instead of decreasing during the sharp drop, and the total value of positions continued to rise. The long-short ratio data of large holders is clearly advantageous to long positions, yet the price is moving in the opposite direction. This hides two possibilities - either the longs are betting on a rebound, adding to their positions as the price falls; or the shorts have pinpointed the crowded weakness of the longs, accurately striking to harvest. Regardless of which, the intensity of market competition has reached its peak.

So at this position, should we enter the market or not?

**Conservative words** suggest to take a break first. The panic sentiment has not dissipated, and the downtrend has not clearly stopped. Jumping in to catch the bottom might lead to getting hit by falling knives. It is advisable to wait until the price firmly stands at the $100,000 round number, preferably accompanied by strong bullish candlesticks and moving average reversals as reversal signals, before considering a phased layout.

**The cautious investors want to test the waters**, and must strictly control their positions (not exceeding 10% of total funds). Focus on the support in the range of 98,888 to 100,000. If there are signs of stabilization with increased volume here, a small long position can be taken, but a stop-loss must be set – for example, if it falls below 98,000, exit immediately. If the rebound does not materialize, do not stubbornly hold on; recognizing losses and exiting is the right approach.

**The radicals engage in ultra-short trading**, which can be a gamble, but the prerequisite is that you must be sensitive to the market, and the discipline of taking profits and cutting losses must be executed with ironclad precision (for example, exit at a profit of 5% or a loss of 3%). This style of play is only suitable for veterans; newcomers should not blindly follow or imitate, otherwise, the probability of being trapped is extremely high.

Lastly, a reminder: the cryptocurrency market is extremely risky, and any decisions must be made with caution. Data speaks for itself, but the market's direction never follows the script. This wave of long positions being buried has already sounded the alarm for everyone.