The Da Bing ETF saw a net outflow for the third consecutive trading day, but there was no acceleration in the outflow. The outflow on the 3rd was 267 million, but despite the net outflow, the market still rose against the trend. From the perspective of mainstream CEX liquidation, the current price is at 105000, falling below 103000 to liquidate 1.559 billion long positions, and breaking through 107000 to liquidate 659 million short positions. However, there has been a buildup of short positions at the weekly level, with long and short positions taking the lead over short-term short positions, and a long-term mindless bullish view!