Today, the global market is in a devastating state, and the A-shares have hit the largest drop since the 2008 adjustment.

The core reason for the plunge in A-shares:

Vietnam has capitulated, and South Korea and Japan are leaning towards the United States—Asia's 'trade alliance' has collapsed, making China the only country standing firm.

The reason for the global plunge:

Due to the special tariff events causing recession expectations to exceed 65%—risk aversion sentiment is rising, and market confidence is collapsing.

U.S. bond auctions and inflation data are key; if bond demand is low, the dollar may weaken, further impacting the market.

Gold fell by 0.3%, indicating that the market may be selling gold to replenish margins, which could evolve into a larger liquidity crunch.

So can we bottom fish? No!

Referring back to our tweet from yesterday, we detailed the liquidity structure, which will be one of the short-term directions.

If BTC goes down, currently between 75,000 and 72,000, even 70,000 is a vacuum zone where there is no more long liquidity accumulation, but upwards to 85,000 is a very dense area of short liquidity. Combined with the current global slump and further release of panic sentiment, some shorts are taking profits, and longs may rebound to bottom fish. There is a high probability of a small rebound, but the strength of the rebound will not be very strong, based around 82,000.

So at that time, we can check whether the fundamentals and sentiment have recovered before engaging in bottom fishing activities; for now, it's still time to hold onto bullets.