#BTC资金流动性 In extreme market conditions, whoever survives wins

Japan's first interest rate hike in 30 years causes a global capital market hold-your-breath moment. The result reverses expectations—stocks and cryptocurrencies not only didn't fall but collectively moved upward. Many start singing the old tune of "bad news is all good news."

But don't be fooled by surface phenomena.

What are the truly influential players doing? On-chain data speaks: large investors quietly accumulating $ETH high-leverage positions, with unrealized gains in the millions; on-chain whales subtly absorbing LINK tokens. Are they not worried about liquidation? A seasoned trader's answer hits hard: "Liquidation is just a process, not the end."

Another signal is even more interesting. Industry opinion leaders repeatedly mention $ASTER, with the underlying logic of "filtering people"—driving away retail investors who only look at K-line charts and chase trends, leaving behind those who genuinely believe in the on-chain derivatives ecosystem. This pattern is exactly like the rise of a certain underlying public chain back then: digging from the application layer downward, betting on the overall ecosystem trend.

The reality is harsh. Market sentiment has fallen to freezing point (down 39%), and historical patterns suggest a sharp rebound is imminent. But this time, the situation has changed—the last "cheap liquidity" faucet in the world is starting to close, making it much harder for new funds to enter.

In such an environment, the logic for survival is clear:

**First, leverage is poison.** Scenes of $181 million liquidations in a single day have already played out, and every fluctuation could be fatal.

**Second, hold stablecoins.** When the market is extremely panicked and high-quality assets are mispriced, those with ample cash flow can buy the dip.

**Third, return to fundamentals.** The era of widespread price increases is over. Projects with real revenue streams and genuine user growth—like those mainstream public chains that have successfully upgraded and iterated—are truly promising.

**Fourth, block out short-term noise.** Daily price fluctuations are meaningless; the real direction is determined by macro liquidity cycles and the speed of technological adoption.

Final words: The old era of "you can make money by following the trend" is dead. The new era belongs to those who stay away from leverage, see true value clearly, and are willing to hold long-term.