$BTC

Today, before the non-farm payroll data comes out, it is necessary to look at a set of data: spot inflow of 175 million, and contracts directly injected with 1.1 billion, with a contract/spot ratio close to 10:1. Still not understanding? It's not that institutions are entering to hoard goods, but rather the main force is using contracts to pump the market and clear the shorts' liquidity.

Yesterday's sharp rise and last week's horizontal consolidation complemented each other perfectly. First, it smashed through 105K to clear the longs, then flipped and exploded to liquidate the shorts, cutting both ways, retail against retail. Now, don't be fooled by the price still being high; in fact, the main force is waiting for the next wave of liquidity.

Many people see the surge and get overly excited, thinking there is some super positive news, but there really isn't. Currently, if it can't stabilize above 110.2K in the next couple of days, it's highly likely to turn around and adjust, so tonight's non-farm data is crucial.

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