Last night's sharp decline resulted in 194949 people being liquidated, with a total liquidation amount of 688 million yuan, causing a bloody storm in the futures market Due to significant fluctuations, there has been a significant outflow of funds from the BTC and ETH contract markets There are multiple reasons for the sharp decline: 1. The recently rising profit taking positions need to be adjusted. 2. The daily and medium-term tracks also need to be tested for support. 3. The well-known trader @ JamesWynnReal is openly long, and the main players do not want to work for him, so they have been trying to liquidate his positions. Currently, more than half of his positions have been liquidated, leaving $170 million to be cleared, and the risk has not been completely eliminated The spot holdings of ETH have remained almost unchanged, which is why the ETH/BTC exchange rate has remained strong. Currently, it is still running on the 4H upper track, and even if it touches the middle track, the insertion quickly withdraws BTC will not cause any trouble and will continue to operate on the daily chart. The bullish trend is still ongoing, and the direction of this market is actually determined by the main players. If they are in a bad mood and want to liquidate, they can go wherever they want