Hold your short positions, don't try to catch the bottom | Par's View 1. Short-term: Market participants are starting to watch the market, and panic selling is likely due to the information, which is currently underway. 2. Medium-term: The hackers still hold approximately 1.4 billion BTC and 900 million ETH, which cannot be frozen. To realize their cash, they can only dump the assets slowly, either by exchanging them for Monero or by breaking them down into smaller orders and transferring them to various exchanges. 3. Impact: This is indeed a black swan event. The market was initially quite resilient, and last night, despite the overall decline in BTC and cryptocurrencies, they still attempted to cause trouble. However, the collapse following INTC's earnings report and the 5.7 billion ETH theft from Binance directly plunged the market into a deep abyss. Originally, this wave might have only corrected to around 77. Currently, it looks like at least 75 has been stolen.