The current decline in the market is not merely a cleanup of leverage; the deeper purpose is to shake out weak hands holding positions at the bottom. Compared to a year ago, the contract open interest has shrunk to one-tenth, indicating that the market is testing the true 'diamond hands' through repeated fluctuations. Before each major upward wave, there often needs to be a 'no pain, no gain' — breaking key structures to trigger more people to turn bearish. This way, even if there is a subsequent rise, they will not dare to hold positions due to lack of confidence, and may even turn to short selling. #比特币ETF净流入流出