#保持SAFU ### 1. Common reasons for callbacks

1. **Technical adjustments**: Profit-taking after a sharp rise

2. **Impact of macro environment**:

- Changes in Federal Reserve monetary policy

- Transmission of fluctuations in US stocks

- Strengthening of the US dollar index

3. **Regulatory dynamics**: Such as SEC lawsuits, new regulations introduced by various countries

4. **On-chain data warnings**:

- Increase in exchange inventory (selling pressure signal)

- Significant abnormal large transfers

5. **Derivatives market clearing**: Excessive leverage leading to a chain liquidation

### 2. Current market characteristics (2023-2024)

- Volatility in Bitcoin ETF fund flows

- Diminished correlation between altcoins and BTC

- Unsettled options contracts reaching historic highs

- Miner reserves dropping to multi-year lows