Today's market action is actually quite similar to yesterday's... Binance is still buying, Coinbase is still selling, and Coinbase's premium is very negative again today. ETFs continue to see outflows... The order book remains unchanged (Figure 1). Several contracts were briefly pushed down to the previous low just now, but further downside buying continues. From a long/short perspective... Yesterday's high-level short positions were tested twice, but without significant volume... After today's drop, longs entered the market again around 73.6k to buy the dip, and are now trapped again... Today, 73.6k has become the first resistance level. However, shorting here is a bit aggressive because there are no large orders to support it... Therefore, observation is needed; it's optional.