$PIPPIN this wave of market movement is interesting. The six o'clock "Heaven and Earth Needle" indeed hurt quite a few people. Looking back, before the "Heaven and Earth Needle" appeared, the unrealized profits of the bulls were roughly in the tens of millions, while the floating losses on the bearish side had shrunk to around five million — this alone indicates that the needle has already taken effect.

What’s more worth noting is that large funds have also taken the opportunity to exit many positions. You’ll notice that in the current short position structure, there are many traces left by institutions closing their positions, and the positions of the whales have become more complex. Under these circumstances, continuing to chase the highs is actually quite risky. After all, the same pattern has been used once before, and the chips held by the big players have been thinned out.

By the early morning hours, as market liquidity decreases, it might once again be a window for the next move. As always, taking profits when the time is right is more valuable than greed.