Huazi didn't unwind leverage; he cleared his positions. Moreover, he sold everything after the market's most panic-driven and dangerous moments have passed. Continuing to sell at this point without regard to costs can only mean one thing: he's heavily in debt outside and had no choice but to sell his spot holdings to pay it off. Or perhaps he's thought it through carefully—maybe he was too early in bullishness, and short-term pain is better than long-term pain. He might be clearing out now and waiting for a deep bear market to buy again. As for his wife, Lou Jiyue, she's been consistently bearish, which feels a bit strange. Can any knowledgeable folks help clarify the logic and explain it to everyone?