Strictly speaking, it is still during the weekend period, so this wave of decline seems more driven by the futures market, especially since the trading volume of CB spot has not significantly increased, and the spot premium has not drastically decreased.

Therefore, if we look at the open interest in the futures market, we will find that the reason for the natural decline is the excessively high open interest. Even though the current price has returned to 114k, the futures open interest is still at the levels around 118k to 119k from before.

So we can only wait for the open interest to be killed off before expecting a rebound. This also indirectly indicates that during the short period of high volatility around 124k, there was excessive FOMO open interest in the market.

Even if you feel that the bull market is over, remember that forming a top is a process, not a short-term event. The future price will still oscillate in a wide range at high levels for some time. #加密市场回调