A picture to understand how torn the current market is: a precursor to standard "meat grinders". Looking at Hyperliquid's real holdings: Top smart money that has made over $100000 is crazily building short positions, holding $1.67 billion in short positions (short positions are more than twice as long as long positions). On the other hand, the bottom tier retail investors who have suffered losses of over one million dollars are still struggling with long positions worth $825 million (long positions are nearly four times more than short positions). I feel that the top winners are firmly distributing short positions at high levels, while the bottom loss making stocks are taking advantage of the situation, resulting in extreme polarization of funds. If the main force does not deeply wash down the market and accurately break through these top tier multiple orders, the market cannot truly bottom out. Abandoning the illusion of blindly buying the bottom on the left side, instead of opposing the main funds, it is better to seize the opportunity and spread short, with an excellent profit and loss ratio. The market never lacks opportunities, strictly manage your losses, and don't become someone else's liquidity fuel during the washout period.