I thought $BTC would be more stable, but it just couldn't hold on.

The market movement in the following days was really bizarre. I even told my friends that the on-chain data for this coin was extremely weak, yet it stubbornly rose from 0.4 to 0.8, without even a decent correction in between.

Such a trend would make anyone curse—just when you think it's about to take a break, it gives you a big bullish candle again.

My hands were already hovering over the keyboard, contemplating whether to chase around 0.5, but worried about catching the last wave. While I hesitated, it shot up to 0.55, and I didn't dare to buy in again.

When it dropped back to 0.4, I thought, finally, the opportunity had come. But the rebound only took it to 0.55 again, and I got left behind.

The most frustrating thing about this kind of market is that it makes you feel like you can buy in, but also makes you feel like you can't. Looking back now, that move around 0.76 was actually the real acceleration phase, but I was already too scared to touch it at the time.

From on-chain data, the funding rate for this thing has been consistently suppressed, indicating there are too many short positions. Every time there's such an extreme situation, the market tends to liquidate shorts first and then wipe out longs.

But I no longer want to bother whether it will continue to rise or not, because missing out is just missing out. The more you watch it go up, the easier it is to get caught up in the hype, and in the end, those chasing the top are all these kinds of people.

At this point, I really can't understand it anymore. Is anyone else in the car or also missing out?

Come to the comment section and curse a bit to vent.

This extreme surge combined with a continuously negative funding rate is actually related to macro liquidity conditions.

The Federal Reserve just turned hawkish, and the Bank of Japan also signaled they will continue raising interest rates. Two major sources of global liquidity are tightening simultaneously. Plus, the last time in July 2024, the yen carry trade reversal crushed $BTC by 20%. Under this background, funds tend to flow into more certain assets.

Once liquidity for altcoins—these sentiment-driven assets—turns around, they retreat faster than #我的Gate交易时刻 anyone else.