Many people are confused and asking, 'What happened? Is Satoshi Nakamoto back?'

Actually, it's okay. Just take a look at the BTC spot premium; when it hit a new low, the premium quickly rose during the spike, and we don't even need to think about it—this is a futures market behavior...

It’s definitely a large long position being closed by some whale. We don’t know the specific reason, but their closing led to a lot of retail long stop losses. The $1000 spike below 111.6k was caused by retail losses...

Theoretically, futures positions should decrease significantly, but since the spot market did not dominate this small-scale trend, whether BTC has actually completed its correction still depends on the performance of the spot market after Monday's opening.

Friday saw a price surge, Sunday saw a price drop, it feels like we’ve returned to the long-term consolidation of 2023, just reversed...