Just woke up and checked the data, and found something interesting. The volume ratio is pretty useful on CEI, but on-chain it’s a completely different logic—you watch the candlesticks thinking you’re getting in first, only to find that an MEV bot had already eaten up the slippage 0.3 seconds before you confirmed the transaction. Put bluntly, “fair ordering” is a false premise on Ethereum, unless you use a privacy pool like Flashbots—but who has the time to mess with that every day? The whole restaking narrative lately is the same: the returns look beautiful when stacked on top of each other, but underneath, it’s still a question of ordering rights. Your staked ETH is being used to secure other chains—when liquidation happens, who holds the right to jump the queue? Leaving the nesting aside for now, I think many people don’t realize that their position on-chain is much farther back than they imagine. Anyway, for small trades, I’d rather pay a little more gas to use a private mempool than compete with bots for speed. No matter how good the volume ratio looks, it’s useless if you can’t get in line.

Takeoff, takeoff! About three hours before the interest rate meeting, I emphasized in our livestream that the market’s next move would be a takeoff to new highs. In less than a week, Bitcoin and Ethereum prices have continued setting new highs. I wonder whether everyone’s accounts have reached new highs. $ETH

24-hour liquidations totaled about $1.03 billion, with shorts accounting for about $840 million—this looks more like a short squeeze than a slow bull market. CoinGlass data: long liquidations were about $190 million, while short liquidations were about $840 million. BTC short liquidations alone were about $536 million, and ETH shorts about $145 million. The price pulled back from a high of about $87,000 to around $85,500 to digest the move. Simply put: the more resistance gets pierced on the way up, the more shorts are forced to buy back, making the rise faster—but it also becomes more fragile once the fuel runs out. My view: don’t treat “short liquidations” as direct confirmation that the trend is established. For now, I’ll view this as a liquidation-driven rebound and wait for spot buyers to take over before becoming more convinced. Invalidation: BTC firmly holds above $87,000 on the daily chart with volume, or gives back the pullback below $82,000. Do you believe this is the end of the short squeeze, or will spot buyers take over and push it to $90,000? $BTC $ETH#清算 #short squeeze