Last weekend's market once again reminded us that Bitcoin is oscillating at a high level, while Ethereum rises and then falls back; the network's liquidation data is alarming. Many people ask me the same question: is this the end of the bull run? My answer is simple and straightforward: the bull is still here, but that kind of crazy bubble should cool down.

Just look at the liquidation data and you'll understand. The daily liquidation amount exceeded $19 billion, and thousands of wallets on a leading perpetual trading platform were completely wiped out. This is not a small probability event, but an inevitable result of high leverage colliding with macro risks. A while ago, as soon as the news of a certain country's tariff policy emerged, Bitcoin fell below $110,000 within an hour. Those retail investors holding 5x or 10x leverage? They were directly harvested.

Leverage is a fascinating thing. In a bull run, it acts as a stimulant, doubling your returns, but once the market reverses, it turns into a meat grinder. Small coins are especially dangerous—liquidity is already poor, volatility is fierce, and when prices drop, there isn't even a chance for stop-loss orders to trigger before liquidation occurs.

Interestingly, it's worth observing the flow of funds during times of panic. Each time the market crashes, smart large funds go to two places. The first is gold-related assets, such as certain gold-pegged tokens. These assets show significant resilience during a crash because they are backed by physical gold. The second is stablecoins, like USDT and USDC. On-chain data reveals that whenever the market collapses, the market capitalization of stablecoins actually increases. What does this indicate? Large funds are seeking safety rather than completely exiting the market. Even in extreme market conditions, there is still a greater trust in things that are tangible and observable.

There is another detail that many people overlook: the cryptocurrency market is now closely linked with traditional finance. A sneeze in the US stock market can immediately cause a cold in the crypto space. Macroeconomic risks are transmitted to the crypto sector through multiple channels—exchange rate fluctuations, commodity prices, stock market volatility; all of these can affect the pricing of risk assets. Therefore, simply focusing on the technical aspects of coin prices often leads to pitfalls.