BTC ETH 103 has temporarily stopped falling and stabilized, as this is the first Fibonacci key position to retrace from the top, and the next weekend will be a fluctuation of around 1000 points; In terms of data: Let's first analyze the exit situation of contract bulls. Binance perpetual trading has once again cut losses or cleared more than 200 million dollars against the big pancake contract bulls, while Ethereum bulls have cut losses or cleared more than 500 million orders; Combined with the data of liquidation, the bulls in this round of decline have accumulated liquidation of $1 billion, and the funding rate has also entered the stage of negative funding rate. Therefore, the liquidation of bulls has basically entered the later stage, and there may be another round of decline to the vicinity of $100000 for final short selling; Finally, Abraxas Capital's hedging position on HyperLiquid has been fully profitable, and we can also refer to when the institution's hedging position will exit to assist in determining the bottom of this round of decline;