$ETH's current market is essentially a "fastest runner" game. The truth about ETFs: it's a high-speed channel that gives money when the market is good and takes it away when the market is bad.

It greatly reduces the friction cost of smashing the market, making it an invisible driver of this round of decline. The betrayal of the bulls: leveraged longs are the strongest shorts in a bear market.

Forced liquidations causing chain reactions of selling are more ruthless than deliberate shorting. Don't always think about maximizing your gains.

Many people (like Yi Lihua) have failed because, when the red light signals to retreat, they still want to turn back and grab a few more bites. The core logic: survival first, profit second. Those who jump ship first are the ones who get to see the next act.