At first glance, it looks like a big blow: Binance contract funds are the main target, targeting long positions .. First analyze what happened and then look at today's market . This morning's wave in the Asian market was dominated by funds from Binance contracts around 85100 . An active sell order with a market price of 1030BTC in less than 0.1 seconds At the same time, OI has risen, so a portion of this is due to active short positions .. The goal is a long stop loss order at 85k here .. (This is the bullish liquidity of the trend line that has been accumulated for 10 days since September 28th and has not hit a lower point.) As shown in Figure 1 After breaking through the position, the bears began to follow (box 2 in Figure), while the bulls began to stomp, and the OI of OK and Hyperliquid dropped sharply After the needle is pricked, enter and exit the field model .. (Figure 3) Bulls start aggressive entry, OI+4000 (green box in Figure 2) So today's one, It can be said that someone took the initiative to open a gap and smash the market on Binance, and then the long positions of OK and Hyperliquid were washed out, further pushing for needle piercing. ----------------------- The current situation . In the afternoon, this batch of bargain hunting bulls began to loosen, while bears continued to increase their holdings. Binance rates have turned negative to their lowest level in nearly 30 days, with both long and short positions on the table. Going down, currently 83k GEX is negative .. If it falls below the previous low of the Asian market The long positions entering the Asian market need to stop loss and push for another wave . (Simultaneously GEX acceleration) But now the new pending orders for spot and contract below are ready to be taken over from 80 to 83k. There is also a ribbon below (Figure 4) So the probability of falling below and recovering is higher than the probability of directly falling below the box. (Mainly depends on whether it can recover 83.5k after falling below) --------------- To bounce up, the bulls need to withdraw from the active bearish pursuit point of 84.5-84.6k. So this is where today's two long and short battles took place .. --------------- Americans haven't woken up yet, and Coinbase's premium is negative, but there's still nothing to be seen. According to the usual tone, there may also be a wave of sell orders from ETF stop loss after breaking the level and waiting for the opening of the ETF at 9:30. So if it is near the current low in the Asian market before and after the opening, be careful to inject another needle. If the market recovers to above 84k before and after the opening, it may be able to maintain this Asian low point. So we can observe the European market for the next few hours . In addition, there may be potential fluctuations during the 10-year US Treasury bond auction at 1am and the release of the minutes of the last FOMC meeting at 2pm.