Altcoin washing leveraged positions. According to Coinglass data, in the past 24 hours, 572,395 people across the network have been liquidated, far exceeding the '312 major crash' event.

I have been emphasizing in recent days that everyone should not leverage, not open contracts. I wonder if you still remember what I said; even if your skills are excellent and your entry points are accurate, you cannot outperform a black swan event. Last night's altcoin sell-off was not the worst; I have previously encountered daily fluctuations of 60-70%. I have seen this situation too many times. This wave of rising market has brought in many newcomers, and many of them come in directly opening contracts with 50x or 100x leverage. I wonder if you have noticed that newbies often have a beginner's protection period; at first, they can always make money with contracts and then feel elated, thinking they are the chosen ones, making divine operations. They believe they can profit no matter how they open positions and think of themselves as contract warriors! Once this mentality forms and a trading system develops, they will find trading spot markets too slow and lacking excitement. Contracts can be addictive like gambling; even if you make a fortune today, if you haven't exited the market, it doesn't count as yours. The initial trading habits are crucial‼️ Even if spot trading is slow, you won’t get liquidated. Investing is a long-term project that takes time; don’t expect to get rich overnight... Holding onto spot might lead to financial freedom one day, while continuously trading contracts will only take you further away from freedom; the end of contracts is zero!

What I've said is also my own experience... I've been trading contracts for 8 years, making big profits and also suffering big losses. Now I have awakened... I’ve quit gambling... How about you?

$BTC Altcoins have dropped to their levels, but Bitcoin has not yet reached its level. Only when it gets near 85,500 will all the longs be cleared before it can continue to rise significantly. First, buy altcoins.