#加密市场周期与牛熊转换 Seeing the contract open interest increase by $2 billion in 24 hours, this data is worth serious consideration. Short-term price surges often involve rapid accumulation of leveraged positions, which sounds exciting but often hides risks.

I often remind friends that leverage is like a magnifying glass — it amplifies gains but also magnifies losses. Such temporary high open interest can easily disrupt the process of establishing a healthy market bottom and hinder a truly sustainable upward trend. History shows that those rapidly accumulated contract positions are prone to trigger chain liquidations during sudden volatility, ultimately harming the followers.

A genuine long-term strategy requires prudent asset allocation and sufficient psychological preparedness, rather than chasing hot trends with leverage. At critical moments of cycle transitions, staying clear-headed is far more important than chasing after hot spots. Ask yourself first: can this capital withstand a 20% or even larger drawdown? If the answer is no, then staying away from high leverage is the responsible choice.