Looking at the recent $币安人生 crash, here’s a summary of the reasons behind the drop: 1. Checking the on-chain addresses, there aren’t any addresses dumping large amounts. In fact, some addresses are buying in, so we can rule out spot selling as the cause of the crash. 2. From the liquidation data, it’s clear this was aimed at liquidating long positions. This wave of selling caused liquidations of long positions concentrated in the $0.4-$0.6 range. The largest single long liquidation was between $40K-$76K, which shows there are still quite a few longs participating. 3. Based on the liquidation data above, the crash was likely caused by MM (market maker) pulling long OI (open interest), not spot selling. 4. The $币安人生 MM seems to want this asset to form a short squeeze structure. To do that, they need to flush out long positions, making the “car” lighter. Repeated up-and-down wicks are a common method to create a short squeeze structure. 5. MM hasn’t abandoned the asset. The cost price for longs is around $0.42, while the cost price for shorts is around $0.52. Pay attention to this price range—if you’re bullish, the closer to $0.42, the safer it is. My personal take: 1. MM hasn’t given up on this asset. The crash was caused by pulling long OI, which was done to target long traders. They’ve already profited, meaning the strategy was successful. 2. Next, watch to see if the whales start pulling the price up and down with wicks to flush out both longs and shorts, forming a short squeeze structure before pushing the price higher. Personally, I lean toward this scenario. 3. No professional MM is stupid—it all depends on whether they have enough ammo! Here’s the chart showing the liquidation data from this crash. Still profitable—about $1M liquidated in the past 24 hours! DYOR!