Yesterday's live broadcast mentioned that this frequent market trend with rapid ups and downs is essentially the main force cleaning up high leverage positions and harvesting funds for short-term right-hand trading. At present, the long and short forces are relatively balanced in the range of 85K-90K. The force that was selling all the way before is no longer willing to sell or able to sell much here. However, at the same time, BTC lacks sufficient attractiveness in the short term to guide new large funds to actively enter the market at this position. The result is that within this range, passive buying and selling are both thin, forming a liquidity vacuum of about 5000 points. In such a structure, as long as slightly larger funds are involved, 1-2% of the physical K-bars can be hit in a very short period of time, but these fluctuations are more about sweeping liquidity rather than going in the real direction. Yesterday, the funding rate of BTC remained at around 0.01% before the opening of the US stock market, which is in a neutral state. After the opening of the US stock market, it swept down by 2%, and the funding rate immediately fell below flat, indicating that high leverage long positions were swept away, and market sentiment returned to a calm/pessimistic state. At present, in terms of overall structure, I still tend to have a biased view, mainly because the defensive points are very clear. The low point of 12/1 is around 84K, and at that time, there was a clear pulse like rise in price after touching it, indicating that bulls have a strong defensive willingness in this range. However, several subsequent declines failed to effectively break below this position, and structurally still stood on the side of multiple parties. As US capital enters a relatively dormant period during the Christmas holiday, I believe the market may be approaching the point of activation. At the microscopic level, it can be clearly felt that BTC is beginning to show signs of decoupling from the trend of the US stock market. For example, yesterday morning at 10 o'clock, with the US stock market not yet open and relatively low external capital interference, the main force was willing to actively raise the price, which was more like a "test of water temperature" behavior of testing liquidity and market reaction in advance. After the US stock market opened and was hit back, it actually returned to its original position of oscillation, so there was no need to be too nervous.