Today's market (1) Let's start by looking at the on chain model. The on chain model still maintains a bias (Figure 1, above the zero axis in the upper figure, score>=4 in the lower figure) Meanwhile, short-term traders continued to cut meat and sell yesterday. From a historical perspective, it remains the same as before. In a bullish environment, short-term traders panic and cut their meat by buying (Figure 2) From the perspective of the overall structure, it is still in the interval, and yesterday I stepped on the position where the lower edge of the interval was retracted. At the same time, the area around 81k is also one of the main profit taking and pending orders for several large short whales on Hyperliquid (Figure 3) (Two days ago, we talked about the profit taking zone for large volume short positions, one is 82.5-83k, and the other is 80.8-81.2k) But the funding situation has not yet turned, and today the Coinbase premium is still negative, so ETFs may have to flow out for another period .. So for now, this wave can be considered as a draw, it may not be the bottom yet, and the probability of directly going up V is not very high .. The real direction still depends on next week's CPI (To be continued)