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

Therefore, if we look at the open interest in the futures market, we will find that the reason for the natural decline is that the open interest is too high. Even though the current price has returned to 114k, the futures open interest is still at the previous level of around 118k~119k.

So we can only wait for the open interest to be liquidated before expecting a rebound, which also indirectly indicates that during the short period of high-level fluctuations around 124k, there was excessive FOMO open interest in the market.

Even if you feel that the bull market has come to an end here, remember that topping is a process, not a short-term event, and the future price will continue to fluctuate in a high range for a period of time.