Brain supplement, it's simply that too many people buy long, and it rises because too many people buy short. Sometimes you guys with these brain supplements are really stronger than the computer, a powerful fantasy.

Many friends are curious about the reasons for the decline last night, and here I will briefly explain:
This decline is definitely not due to any negative policy; the market was doing well at that time, and the U.S. stock market was also performing normally. Last night, Bitcoin ETFs saw a net inflow of 480 million, with the main contributor, BlackRock, accounting for nearly 400 million of that. The ETF for ETH also had an inflow of 150 million. In short, the data on funding is sufficient to support Bitcoin's fluctuation around 100,000, so the reason for the decline is not here;
Macro-wise, the latest probability of a rate cut in December by CME has increased to nearly 90%. If the CPI data tomorrow night is not particularly bad, a rate cut in December is a certainty, which also does not appear to be negative;
I carefully observed that the decline happened around 12 o'clock, and at that time, the market released a very discreet piece of news, namely, that the CEO of Google announced that Google's latest quantum computing chip, Willow, achieved astonishing results in benchmark testing: completing a standard computation in less than 5 minutes, which would require top supercomputers over 10^25 years — longer than the age of the universe!
Subsequently, Musk and OpenAI's Altman expressed their astonishment and congratulations, and then the crypto market crashed, with Bitcoin dragging down a host of altcoins;
As for why so many people were liquidated, a website reported that the number of liquidations across the network exceeded 572,000, which is five times more than the 100,000 liquidations on March 12, 2020. The liquidation amount in 24 hours also set a record of 1.75 billion. This can actually be explained fairly easily, precisely because there were no adverse fundamental or funding factors last night. There was even a proposal from a Russian parliament member to strategically reserve Bitcoin, MicroStrategy added 2.1 billion to purchase 21,550 Bitcoins again, and Trump’s second son commented on crypto saying that rational regulation would make the U.S. the capital of crypto. Moreover, the moderately loose monetary policy domestically yesterday was also beneficial for crypto. In short, against the backdrop of so many positive factors piling up, traders relaxed their vigilance and felt safe opening long positions overnight, which led to such a high amount of liquidation tragedy.