#ETH走势分析 Market Bloodbath Night: What Were People Doing When Over 160,000 Traders Were Liquidated?

In the most recent extreme market event, Bitcoin’s daily volatility exceeded 10%, and the number of liquidations across the entire network surpassed 160,000. Most people panic-sold and exited at a loss, but one seasoned trader managed to pull off a textbook-level contrarian harvest during this massacre.

This wasn’t luck, but dimensional superiority.

# What Happened That Night

The trigger may have been the Fed’s hawkish comments, or perhaps a major ETF’s capital movement—the specific cause no longer matters. What’s important is that the market experienced a liquidity stampede in a very short time: longs were wiped out, and shorts didn’t escape either. This two-way liquidation plunged the entire market into chaos.

But her approach was completely different.

Instead of blindly going long or short, she precisely deployed an options combination strategy when the volatility index (VIX) spiked—selling deep out-of-the-money put options while building a spread structure. The core of this strategy isn’t betting on direction, but profiting from the market’s panic premium: when everyone is buying “insurance” against Bitcoin going to zero, the price of insurance becomes absurdly high.

What she did was act as the calm insurance company.

# Why Most People Can’t Do This

The issue isn’t courage, but the toolbox.

The vast majority of retail investors only have spot and futures at their disposal—this is like only being able to move in two dimensions on a three-dimensional battlefield. Professional players, however, master a three-dimensional hedging system with options, futures, and spot, allowing them to operate across time, volatility, and directional dimensions simultaneously.

Even more crucial is risk pricing ability. When the market misprices risk due to panic (for example, when implied volatility on options is pushed to irrational highs by emotion), she can identify this pricing deviation and use strict delta-neutral adjustments and stop-loss mechanisms to lock in profit boundaries.

This isn’t gambling—it’s arbitrage.

# What Ordinary People Can Learn

Not to tell you to copy her trades—that requires years of market experience, substantial capital, and systematic tools. But there are a few fundamental principles worth considering:

First, break out of the “long or short, pick one” mindset. Top traders don’t bet on direction; they trade volatility, time value, and market mispricing.

Second, prioritize learning about derivative tools. Options and perpetual funding rates aren’t meant for reckless leverage bets—they’re tools for constructing risk hedges and arbitrage opportunities.

Third, learn to wait for the “best pitch.” As Buffett said, you don’t have to swing at every ball in investing. True experts only act when there are obvious pricing errors in the market. They pursue high win rates, not the false sense of security that comes from high-frequency trading.

# Final Reminder

These kinds of extreme trades are underpinned by professional training, capital strength, and quantitative systems. If you rush into the derivatives market with high leverage just after reading an article, you’re no different from the masses who get liquidated.

What’s truly worth taking away is the upgrade in perspective—when you start to understand that the market isn’t just about price movement, but a complex system involving time, volatility, sentiment pricing, and more, you’re finally touching the threshold of professional trading.

$BTC $ETH