The increase in funding rates and open contract numbers indicates excessive leverage in the market, while XRP has a significant market impact on Coinbase, possibly indicating unusual circumstances. Forced liquidation sell orders trigger hedging and signal propagation, especially more pronounced in perpetual contract exchanges, with illiquid assets like XRP being more susceptible. During the crash, USDC and FDUSD showed significant trading volumes, with ADA's volume being particularly large, along with a substantial amount of liquidations, liquidity constraints, and profit-taking players looking to bottom-fish. #市场回调抄底还是观望？