spot price is everything， Those who believe it was a contract crash that lowered spot prices have not yet understood the operating mechanism of perpetual contracts It's not that derivative prices lower spot prices, but that spot prices lower derivative prices. The basis of contract price is spot price, which is only affected by its own supply and demand. The so-called 'contract arbitrage robot' has little impact on spot prices, and the futures spot price difference strategy is based on 'average price difference regression', rather than moving bricks between two positions - spot and contract are two independent positions that cannot be moved bricks, let alone moving bricks to lower spot prices because of low contract prices. @If there is no large profit account in Binance, it may be a position opened on other exchanges. The most common trading restriction in the face of this kind of large player smashing is for spot users with a relatively large account balance, restricting their single market order taker sell from exceeding N% of the buy order depth (IOC order), in order to protect investors in the contract market. For those who haven't figured it out yet, you can review the perpetual contract operation mechanism again: https://(x.com)/OwenJin12/status/1825464963777064994