Yesterday's dip appears to have been caused by some pre-positioned tokens being used by exchanges to exert downward pressure on the market due to low liquidity over the weekend. However, there was no sentiment reflected on the blockchain. Actual losses, measured by the entity, not only didn't increase but actually decreased. A key factor here is the timing: it occurred over the weekend. Market makers, hedge funds, and other institutions won't adjust their positions until Monday, a business day. Therefore, yesterday's actions can be simply understood as exchanges "mass-selling." As for whether it was for contract liquidation or some other purpose, we won't delve into conspiracy theories. However, since October 14th, perpetual contract open interest (OI) has been steadily accumulating, with no reduction in positions during each pullback, and yesterday's drop didn't complete deleveraging. Currently, there are new positions on both the long and short sides, and there's a high probability of another amplified volatility in the near future; it remains to be seen which side will be triggered first.