Observation and Analysis of Pankou Order Flow Data: BTC In the morning session, large orders with high volume were actively bought above 93K, but then there was a stagnant state of high volume at 93,4K-93,5K, indicating that this is a divergence point of short-term funds. However, there was no obvious outflow of OI, indicating that bears did not completely control the market and still belong to a strong structure. Short term risk warning: The current price has risen for three consecutive rounds of strong yang, and there is a certain amount of bullish profit taking and liquidity clearing pressure above it. If it continues to fail to break through 93500 in volume, it is easy to confirm a retracement. Ethereum ETH -There is a slight basis difference between spot and contract, and the inflow of funds is concentrated in the range of 1700-1735; The high-level POC has shifted horizontally but not significantly upward, indicating an ineffective upward trend at a high level, which may indicate a need for adjustment in the short term if the growth rate is too fast. Short term focus on 1770-1785. If unable to quickly swallow the selling pressure, short-term backtesting will be conducted in the 1740-1720 area to find new support and confirm pending orders.