Looking at the recent market situation, major institutions have long been sitting on the sidelines. After that wave of market movement, retail investors have been almost wiped out, and the main players are slowly offloading their holdings—this is completely different from the scene in the first half of the year when funds rushed in and pushed up the coin prices.

The current trading rhythm has changed. Big players no longer hold overnight positions to harvest profits; instead, they trigger liquidations every day, with no need to hide or conceal. The routine is a repeated cycle:诱多→杀跌→诱多→杀跌 (诱多:诱导多头, attracting long positions; 杀跌: killing the price decline). In the past, it could last two days before a liquidation wave, but now it’s seamlessly connected.

The dream used to be turning 10,000 USD into 100,000 USD, but now the goal has been simplified to two words: break even. Many people will just endure through 2024 like this. Hopefully, in the new year, the market can show some signs of recovery, funds can flow again, rather than this kind of consumption war.