In this wave, over 98% of the air force that opened short positions at 80-90k has been wiped out. Over 90% of those who opened short positions at 90-95k have also been wiped out. The air force has really suffered heavy losses. However, there aren't many making profits; most are institutions opening long positions. There are indeed some retail investors who heavily chased long positions and made a small profit. The square is filled with the sounds of liquidation. Old Huang is also reflecting on why the traditional financial market appears to be half-alive, while the crypto market is so strong. In this immature crypto market, Old Huang places too much emphasis on data and neglects the power of human influence. The trading system still needs to be refined. 😎 $BTC