#夏日创作营 Many people watching the recent market think the trend is starting to reverse.

But what I care about more is liquidation data.

In the past 24 hours, liquidations across the entire network totaled $276 million. Liquidation of short positions was $160 million. Liquidation of long positions was $120 million.

This suggests that the current main forces haven’t taken a side. Instead, they’re harvesting both sides. In recent days, the market has been rising and liquidating shorts, while falling and liquidating longs. With back-and-forth volatility, they slowly wash the leveraged funds out.

A real big move doesn’t necessarily come right away. But before a big move arrives, it often first clears out the most desperate people. So what matters now isn’t who guesses the direction more accurately. It’s who has more patience, and whose position management is better. In a bear market, the most expensive thing isn’t trading fees—but the tuition paid by repeatedly chasing rallies and selling out in panic, handing over margin.