#大户持仓动态 ⚠️ In extreme market conditions, survival is the top priority.

Japan's first interest rate hike in 30 years has caused the global financial markets to become cautious. Surprisingly, stocks and cryptocurrencies have risen—inverting market expectations of negative news.

But behind this lies a more complex game.

A recent phenomenon clearly illustrates the point: on-chain giants are "voting" with real money. Someone has opened high-leverage long positions on ETH, with unrealized gains reaching seven figures; whales are quietly accumulating LINK; their attitude towards liquidation is: "That's not the end, it's a test." This resolve comes from confidence in long-term trends.

Meanwhile, some leading traders are repeatedly emphasizing the derivative ecosystem of a certain public chain. This move is understood as a "filter"—to weed out noise from those only looking at K-line charts and to retain participants who truly believe in the technological direction. This approach is very similar to the process when a certain public chain shifted from application layer to underlying architecture, betting on the overall ecosystem trend.

The reality is: market sentiment has fallen to a freezing point, with a decline approaching 40%. Historical patterns tell us this is often a sign of a rebound. But this time, a key variable is at play—the era of the world's loosest liquidity has officially ended.

In such an environment, strategies must change:

**Leverage is a double-edged sword.** Recently, daily liquidations exceeded $180 million, and this is not an isolated case.

**The value of stablecoins is rising again.** Keep enough cash on hand to buy the dip during market mispricings.

**Choose assets with strong fundamentals.** The era of broad-based gains is over; now, focus on projects that generate real income and have genuine users. $BTC and $ETH with major upgrades represent this direction.

**Ignore short-term noise.** K-line fluctuations are routine; what truly determines long-term direction is macro liquidity and the speed of technological adoption.

To sum up: the "follow-the-leader" mode relying on leverage and liquidity from the old era is dead. The new era belongs to those who do not rely on leverage, can see through true value, and have enough patience.