2026-09-07 ｜ In-depth Interpretation ｜ Written by: Yan Yu

This weekend's market has more information than the candlestick charts themselves. BTC is consolidating around $79,600 (24 hours -0.43%), ETH has bounced back above $2,500 ($2,505, +0.21%), ZEC has skyrocketed by 7.81% to $1,196 in a single day, and spot gold is hovering around $4,400. On the surface, it seems calm, but behind the scenes, three major events are happening simultaneously: mining mogul Jiang Zhuoer publicly declared he has liquidated all BTC holdings, a report raised alarms about $91 billion USD Tether (USDT), and large orders have quietly accumulated at critical price levels. What is the market afraid of? What is it buying? This article will break down these three events thoroughly.

01 Mogul Liquidation: What Did Jiang Zhuoer Really See?

First, let's talk about the most concerning matter: Jiang Zhuoer, the founder of the Liebit mining pool (B.TOP), publicly announced the liquidation of all his BTC positions, citing "to avoid potential downside risk." He has watched BTC rise since August 20, 2025, and has never seen the "decent correction" he mentioned. At this position in September 2026, his judgment is—this is still the early stage of a bull market, a phase filled with distrust and skepticism: prices are rising, and the narrative is becoming optimistic, yet the overwhelming majority of people in the market still fear a crash, just temporarily suppressed beneath the rising trend.

There is a noteworthy point to learn here: the basis for his judgment is not intuition but rather the liquidation heatmap. According to him, around $76,000 below there is a larger liquidation zone on the heatmap, while the risk density around $83,000 above is relatively smaller—meaning if the price falls, there will be more and denser liquidation orders hit, and the "minefield" in the downward direction is more daunting than in the upward. The liquidation heatmap maps the strong liquidation prices of all leveraged contracts, and whenever the price approaches a dense area, a batch of passive liquidations may be triggered, forming a self-reinforcing downward trend. Learning to read this map will help understand why the mogul chose to exit at this point.

02 Liquidation Structure: $240 Million, Short Sellers Suffered 70%

At the same time that Jiang Zhuoer liquidated his assets, the leveraged market provided another direction of answer. According to derivative data aggregated by AiCoin, the total liquidation size across all contracts in the past 24 hours was approximately $240 million, with long liquidations amounting to about $84.89 million, while short liquidations soared to about $155 million—shorts accounted for about 65%, quickly cleared out by the market.

Breaking it down by asset: BTC-related contracts faced liquidations of approximately $23.4 million, while ETH-related contracts amounted to about $46.35 million, with the latter experiencing a heavier toll; the largest individual liquidation occurred in the ETH/USDT pair on the GATE exchange, with a liquidation amount of about $5.0965 million, directly cutting at the weakest position of high leverage.

Here lies the second point to learn: the liquidation structure can reverse-engineer the actual trend. The high number of short liquidations indicates that prices are actually moving in a direction that squeezes shorts—those high-leverage positions betting on a "delayed correction" have been passively liquidated by an upward (or stabilizing) trend. The simultaneous events of the spot mogul exiting the market and leveraged shorts being cleared indicate that the market is not solely bearish but rather that "spot is reducing risk while derivatives are correcting."

03 $91 Billion USDT Alarm: Risks of Stablecoins, This Time It's Different

The third matter is easily overlooked but may be the most significant: a report pointed out that a dual-key vulnerability poses a risk of hackers controlling $91 billion in USDT. USDT is currently the largest stablecoin, and $91 billion corresponds to a substantial proportion of its circulation—if this risk proves to be exploitable, the impact will not only be on one particular coin but on the pricing foundation of the entire crypto market.

The good news is that the industry has begun using new tools to tackle this: this rating agency has launched a new assessment framework that merges traditional financial audits with Web3 code reviews, specifically designed to evaluate stablecoin reserves and security. There is also a knowledge point here: the security of stablecoins consists of two layers—one layer concerns whether the reserve assets (dollar deposits, U.S. treasury bonds) are genuinely sufficient, which falls under traditional financial auditing; the other layer examines whether the issuing contract's code is secure, such as whether there are loopholes in multi-signature mechanisms, key management, or withdrawal logic, which belongs to the realm of Web3 code reviews. In the past, these two layers were often viewed separately; the new framework combines them, which in itself is a sign of industry maturation. For ordinary users, there’s no need to audit code themselves, but one must remember: stablecoins do not necessarily "equal $1," their security relies on the dual endorsement of reserves and code.

04 What Are the Main Players Buying: The Truth Behind Large Orders and Fund Disparity

After examining the "fear," let's look at what is being "bought." According to PRO's list of large orders, the main BTC players have cumulatively traded $622 million in the last 24 hours, with purchases amounting to $391 million and sales at $231 million, resulting in a positive transaction difference of $160 million—clearly favoring buyers; ETH had a cumulative trading volume of $1.367 billion, with $674 million bought and $693 million sold, resulting in a transaction difference of -$18.53 million, basically breaking even. At the same time, the unexecuted order difference for BTC is $3.53 billion and for ETH is $3.696 billion—significant amounts of pending orders are stacked at key price levels, indicating that the major players are laying out a "wall" at critical points.

However, another set of data painted a different picture: the capital net inflow heatmap for 24 hours shows BTC with a net outflow of about $1.046 billion, ETH with a net outflow of $303 million, and SOL with a net outflow of $351 million—mainstream assets are generally experiencing outflows; meanwhile, ZEC saw a net inflow of $119 million (corresponding to its single-day surge of 7.81%), and gold (XAU) had a net inflow of about $62.9 million. The outflow from mainstream assets, inflow into select varieties, and simultaneous capital absorption by gold indicate that funds have not left the market but are searching for direction: part has shifted towards high-elasticity varieties for speculation, while part has returned to safe-haven assets. Here is the third knowledge point: the difference in main player transactions reflects the actual positions of bulls and bears, while net outflow reflects the movement in and out of "exchange wallets"; these two metrics have different bases but can coexist—large players accumulating in the spot market does not mean that no other capital is transferring coins out of exchanges; data analysis must first clarify these bases.

05 Macroeconomic Background: Interest Rate Expectations Fluctuate, Silent Window Has Opened

Placing these three matters back into the macro background makes the logic clearer. A snapshot from September 5 shows: Trump calling for the Federal Reserve to cut interest rates, while after the non-farm data, the probability of a September rate hike surged to over 60%; 1789 BTC were stolen from Coldcard wallets, and hackers began exchanging ETH through THORChain; the major U.S. law enforcement agency, the NSA, no longer opposes the Cryptocurrency Clarity Act; Hargreaves Lansdown opened Bitcoin and Ethereum ETNs to 2 million UK clients; U.S. stocks opened down (Dow Jones fell by 164 points); spot gold fell sharply by $70 and silver by $1.5 post-non-farm data.

By September 7, the U.S. market was closed for Labor Day, and the global macro environment entered a silent window—U.S. stocks were not trading, data was still, and funds could only rely on "expectations" and "order structures" for pricing in the absence of new information. This is why there was a phenomenon this weekend of "moguls liquidating and main players accumulating" occurring simultaneously: different funds gave completely different interpretations to the same silent period. The most critical upcoming variable is the August CPI data—it will determine whether the 60% rate hike probability is confirmed or disproved and who among Jiang Zhuoer and the main players gets validated by the market first. SafeX: Annxvvc

The above content is based on logic derived from public market data and information, for reference only, and does not constitute any investment advice. The cryptocurrency market is highly volatile, please make rational judgments and be aware of risks.

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Article publishing reviews may have delays, and market conditions change rapidly; the above advice is for reference only, and risk is borne by you! The market experiences constant changes every day, and all I can do is draw from my years of practical experience to provide you with some minor assistance, guiding your investment decisions and management onto the right path. Meeting is fate; I am someone who believes in fate. If you have any doubts in the crypto space, you can follow Zhou Yan Yu, I believe it will be helpful to you.

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