GLwoyyyyy

#SOL升值空间 After years of fighting in the cryptocurrency world, the most common question I hear is: "How much leverage should I open for perpetual contracts?" Honestly, this way of asking the question is already problematic.
Perpetual contracts have no delivery date; the market operates 24/7 continuously. You can open or close positions at any time — sounds free, but behind this freedom are actually big traps. Leverage is like a knife; it can be used to cut vegetables or cause a cut. The problem is, most people cannot hold onto that knife.
Many think that 30x leverage is crazy, and 100x is like gambling. But in reality, the real difference between 30x and 100x is just one thing: the market's reaction space shrinks from a few centimeters to a few millimeters. That's all. The real danger isn't the number itself but how you use it — using 500 units of capital to manipulate a position of 50,000, and with a 1% market fluctuation, you could be liquidated immediately. The most heartbreaking situation? Going in the right direction but being knocked out by intermediate fluctuations.
Therefore, the core of perpetual contracts isn't "how many times to open leverage," but "how to avoid getting your account wiped out." There are some principles to remember carefully:
**Isolated margin mode is standard**, the entire account is a suicide act. The advantage of this approach is that risk is limited to a single trade; a liquidation order won't affect the entire account.
**Stop-loss must be a conditioned reflex**. Don't dream of holding on; all past stories of liquidation start with "wait a little longer, hold a little longer." Holding on is the fastest way to liquidation.
**Set small daily goals**. For example, with 500 units of capital, aim to earn 50 to 100 units per day. Sounds not much? But with steady profits and compound interest, after a month, you could achieve a 20%-40% profit — in the entire financial market, this is already top-tier.
Leverage, frankly, is a magnifying glass; it amplifies both your profits and your greed and discipline. Those who truly survive understand one thing: liquidation is never caused by the market being wrong but by psychological collapse. Someone disciplined with 100x leverage is always safer than someone careless with 5x leverage.
Final words: leverage has no perfect level; it only depends on whether it fits your ability and awareness. In the cryptocurrency world, many people have died, but no one has died because of excessively high leverage — all because of uncontrolled greed.

Seeing the news that a major institution increased its ETH holdings by 1 billion USD, the only thought that flashes through my mind is: retail investors are about to give away their money again.
Over the past three months, I’ve discovered a particularly painful pattern—whenever this institution makes a high-profile statement, the trend of ETH should be questioned, even looked down upon. But this time? Still, a bunch of people hear the word "increase" and immediately chase up at the $2,940 level.
Why am I not that excited? I looked at on-chain data and understood: this institution started accumulating ETH when it was still at $3,400 in early November. Up to now, they’ve bought a total of 580,000 ETH, investing 1.72 billion USD, with an average cost of around $3,208. Now, at $2,940, they’re sitting on an unrealized loss of 141 million USD. Even more brutal, they’ve added leverage—borrowing 8.87 billion USDT from a lending protocol, nearly double the leverage ratio.
Many people see this data and go all-in, but it’s important to clarify one thing: institutional accumulation is not a bottom signal at all.
What’s the difference? Institutions can absorb paper losses; retail investors cannot. They manage over 10 billion USD, and this 1.7 billion USD ETH position only accounts for 17%. Even if ETH drops another 50%, their overall account would only lose 8.5%. But retail investors? Fully leveraged positions or even margin trading, a 20% drop in ETH could wipe out their entire account.
And here’s an even more painful point: institutions play the waiting game, retail investors play the fast-food game.
They build positions gradually over two months, while retail investors see a tweet and go all-in that night. The next day, when ETH drops to $2,800, they start panicking. Institutions are calculating cycles; retail investors are waiting for tomorrow’s rise—that’s the fundamental difference.
I have to say something less pleasant: sometimes, institutional accumulation is just marketing.
History’s big crashes and project collapses in crypto have already taught us that what you think is a bottom might just be their liquidity needs.
In plain words: the positive news you see might just be a signal for them to get you in.
Ask yourself three more realistic questions: Is this money really idle? Can you calmly watch it drop another 30%? Do you have the patience to wait 3 to 6 months? If the answer is no, don’t move.
If you really want to participate, don’t just copy institutional conclusions—learn from their tactics. For example, if you have 100,000 RMB to buy ETH, don’t buy it all at once. Buy 30% at the current price, and if it drops another 10%, buy another 30%. Keep the remaining 40% for the final push.
And always have a bottom line: if you bought at $2,940, sell if it drops to $2,500. It’s okay to be wrong; preserving your capital is the real skill. Wait for the real bottom.
Remember this final sentence: institutional accumulation is just their show, not your reference. Your task isn’t to participate in this play but to survive and see the next round.

【Market Diary】The Fear Index drops to 28, but this might just be the turning point.
Recently, the market has been a bit crazy—retail investors are all cutting losses, and market sentiment has hit rock bottom. But think about it carefully, isn’t this scene very familiar? Every time there’s deep panic, it’s actually a signal that smart money is quietly entering the market. While others are crying, we need to learn to be greedy.
What’s the macro outlook? Last night’s initial jobless claims data was good, dropping to 214,000, indicating that the US economy is still quite resilient, which temporarily suppressed expectations of rate cuts. Interestingly, the leading candidate for the new Federal Reserve Chair, Hassett, is clearly dovish on rate cuts. This expectation gap creates a game of tug-of-war, which is bound to cause intense volatility—this is actually an opportunity for traders.
The key signal is here. On-chain data shows that the address associated with Multicoin Capital has injected $30 million via OTC to buy WLD. Meanwhile, retail investors are all complaining about why it’s still falling. But think about it, when do institutions build positions? It’s always on the left side. This is no coincidence.
Currently, Bitcoin is stuck around 87,000, with open interest (OI) reaching 42 billion—too heavy. The market needs a thorough leverage cleanup. My judgment is that the range between 86,000 and 88,000 is where the main players are patiently waiting. In the short term, you can try to rebound near the bottom of the 15-minute chart of Bitcoin, around 86,500, but keep the position light, and set strict stop-losses. If macro positive news (like Hassett’s nomination finally being confirmed) pushes the price above 89,000, then the wave C rally might be about to begin.
The second coin (altcoin) remains weak, with the exchange rate constantly hitting new lows—that’s a typical “bloodsucking market.” The safest approach is to follow Bitcoin’s rhythm; currently, altcoins lack independent logic. Unless the RWA sector (Circle recently issued gold and silver tokens) or prediction markets (rumors of a token launch on Polymarket) create a new trend, avoid catching falling knives.
Regarding WLD, since institutions are involved, this level is a strong demand zone on the daily chart. You can hold a small position for observation, but never go all-in. If it breaks below the previous low, cut losses immediately.
Final words: Trading is not gambling. In this market, patience is worth gold.

#数字资产市场动态 Gold surges 70% to hit a 50-year high, while Bitcoin has actually fallen 10% this year—on the surface, the narrative of "digital gold" seems to have failed. But this precisely is the market sending an important signal.
The rotation between traditional assets and crypto assets reflects a continued decline in global confidence in fiat currencies. Gold, as the oldest safe-haven asset, leads the way, essentially representing a search for a "store of value" by global capital. This process often opens the door for more efficient new asset classes.
The key point to observe is that Bitcoin's scarcity advantage relative to the global money supply shows an upward trend in every cycle. This is not a sign of recession; rather, it indicates that its appeal as a non-correlated asset is strengthening. The breakthrough in gold can be understood as providing a "credit endorsement" for Bitcoin's long-term store of value role—when traditional financial system credit is under pressure, the market naturally seeks more diversified asset allocation options.
From a time perspective, Bitcoin's continued digestion of key technical support levels often precedes significant price increases. This seemingly dormant phase is actually a window for large funds to quietly complete position shifts.
In simple terms: don’t just focus on today’s price fluctuations. What truly matters is the relative strength changes between assets and the macroeconomic environment’s attitude toward risk assets. The rhythm of history often reveals itself when you are least patient.

Gate News Bot message, December 24th, according to CoinMarketCap data, as of press time, ETH (Ethereum) is currently trading at $2927.89, down 1.16% in the past 24 hours, with a high of $3073.35 and a low of $2777.12. The 24-hour trading volume reached $19.497 billion. The current market capitalization is approximately $353.381 billion.
Ethereum is a decentralized open-source blockchain network and software development platform powered by the cryptocurrency Ether (ETH). As a next-generation permissionless global infrastructure for applications, the Ethereum network is open to everyone, with no permission requirements, built and maintained collectively by thousands of individuals, organizations, and users worldwide.