周期拾荒者-CycleScavenger
专注拆解巨头围猎，守护个人资产主权。 不加杠杆，自持私钥。在机构清算的废墟里，做最有耐心的拾荒者。 [EN/CH] Deep On-chain Game Theory & Sovereign Survival.
3 Following
220 Followers
478 Liked
21 Shared
Posts
All
Quotes
PINNED
Skill Improvement Summary
Hello, for the convenience of all brothers and sisters, feel free to take the content you want to improve.
So here is a pinned summary post
I will continue to organize and summarize useful content that I think is helpful in this position. Continuous additions and organization will be made.
未来10年趋势分析
不要再被比特币可以别某个人控制的无脑言论吓到，看完这篇，你就知道市场开始出现这种言论的时候，就是快要见底的时候。
Trading level improvement section
交易水平提-如何选币？
$BTC $ETH $BNB
So here is a pinned summary post
I will continue to organize and summarize useful content that I think is helpful in this position. Continuous additions and organization will be made.
未来10年趋势分析
不要再被比特币可以别某个人控制的无脑言论吓到，看完这篇，你就知道市场开始出现这种言论的时候，就是快要见底的时候。
Trading level improvement section
交易水平提-如何选币？
$BTC $ETH $BNB
PINNED
1-5 Some Suggestions on Fees and Slippage
Fees:
1. First, choose a trading platform with relatively low fees on a secure basis; this is not shameful, as one should compare prices when shopping.
2. Secondly, find reliable long-term rebate programs within the rules as much as possible; there are many KOLs in this industry who unethically promise extra rebates outside the rules, and most of them end up not providing the rebates later.
3. Build a trading system with trading signals that are as infrequent as possible. Don't trade as frequently as a gambler in a square.
Slippage
1. Try to use limit orders to open positions, unless it is during a stop-loss. Because a stop-loss indicates that the trend of this trade is no longer within your expected range. So if you need to exit, just go, there’s no time to haggle. Of course, if there are options at this time, it is recommended to use limit orders as much as possible.
2. Be as cautious as possible with tools that require payment, such as quantitative tools, analysis tools, etc. There are no miraculous tools in this world; success cannot be bought; it must be achieved through your own efforts.
Fees:
1. First, choose a trading platform with relatively low fees on a secure basis; this is not shameful, as one should compare prices when shopping.
2. Secondly, find reliable long-term rebate programs within the rules as much as possible; there are many KOLs in this industry who unethically promise extra rebates outside the rules, and most of them end up not providing the rebates later.
3. Build a trading system with trading signals that are as infrequent as possible. Don't trade as frequently as a gambler in a square.
Slippage
1. Try to use limit orders to open positions, unless it is during a stop-loss. Because a stop-loss indicates that the trend of this trade is no longer within your expected range. So if you need to exit, just go, there’s no time to haggle. Of course, if there are options at this time, it is recommended to use limit orders as much as possible.
2. Be as cautious as possible with tools that require payment, such as quantitative tools, analysis tools, etc. There are no miraculous tools in this world; success cannot be bought; it must be achieved through your own efforts.
Recently, this OKX big holder rights protection video has been overwhelming, 517 BTC were locked after being liquidated, who wouldn't feel anxious after watching it?
In the video, the lady shows her account balance: after being forcibly liquidated, the remaining 517.something BTC has become an amount that cannot be withdrawn or moved. Although OKX claims it is compliant risk control, it once again proves the hard flaw of CEX: without the private key, the life and death of assets depend entirely on the platform's mood.
Seeing some say that the parties involved are engaging in long-short hedging, I am not a party involved, and I do not know the specific situation. However, after rationally analyzing this matter, I feel free to be refuted if I am wrong; I am eager to learn.
1. Regardless of the truth of long-short hedging, does this behavior have any problems? Don't the current market makers have many who are engaged in long-short hedging and arbitrage across platforms? Why haven't I seen them being targeted?
What exactly is the problem with long-short hedging?? Are there rules I don't know about?? I hope the experts can give me a lesson.
@Yi He @CZ
2. What is the reason for the forced liquidation of contract positions and the freezing of spot accounts? Even if it is long-short hedging, market operations, etc., why does the power of judgment lie with the exchange? Market manipulation is legally defined as a crime; shouldn't adjudication be a matter for the courts and legal systems? Is it now the exchange acting as the judge?? Then, by this analogy, can Coinbase now freeze all the assets held in its ETF?
This is why I have chosen decentralized exchanges now:
Absolute ownership of assets: Assets are locked in a smart contract, only your private key can move them, and no one can unilaterally freeze you.
Transparent clearing logic: Refusing black box operations, every transaction and forced liquidation is clear on the L1 public chain.
With CEX's depth, there is also DeFi's bottom line.
The reason is simple; I do not want to place my hope on human nature, including the fact that all centralized exchanges essentially face this problem? When exchanges face similar controversies, can they act as judges??
Welcome to class, welcome to guidance.
#Sovereignty #OKX #BTC #eth
In the video, the lady shows her account balance: after being forcibly liquidated, the remaining 517.something BTC has become an amount that cannot be withdrawn or moved. Although OKX claims it is compliant risk control, it once again proves the hard flaw of CEX: without the private key, the life and death of assets depend entirely on the platform's mood.
Seeing some say that the parties involved are engaging in long-short hedging, I am not a party involved, and I do not know the specific situation. However, after rationally analyzing this matter, I feel free to be refuted if I am wrong; I am eager to learn.
1. Regardless of the truth of long-short hedging, does this behavior have any problems? Don't the current market makers have many who are engaged in long-short hedging and arbitrage across platforms? Why haven't I seen them being targeted?
What exactly is the problem with long-short hedging?? Are there rules I don't know about?? I hope the experts can give me a lesson.
@Yi He @CZ
2. What is the reason for the forced liquidation of contract positions and the freezing of spot accounts? Even if it is long-short hedging, market operations, etc., why does the power of judgment lie with the exchange? Market manipulation is legally defined as a crime; shouldn't adjudication be a matter for the courts and legal systems? Is it now the exchange acting as the judge?? Then, by this analogy, can Coinbase now freeze all the assets held in its ETF?
This is why I have chosen decentralized exchanges now:
Absolute ownership of assets: Assets are locked in a smart contract, only your private key can move them, and no one can unilaterally freeze you.
Transparent clearing logic: Refusing black box operations, every transaction and forced liquidation is clear on the L1 public chain.
With CEX's depth, there is also DeFi's bottom line.
The reason is simple; I do not want to place my hope on human nature, including the fact that all centralized exchanges essentially face this problem? When exchanges face similar controversies, can they act as judges??
Welcome to class, welcome to guidance.
#Sovereignty #OKX #BTC #eth
Part Six (Final Part) The survival path of retail investors under various unfair conditions in 'The $8.2 billion gallows: Who is hunting MicroStrategy? Dissecting a Bitcoin 'dismemberment plan' spanning Wall Street and the Middle East and a survival guide for retail investors'
(The $8.2 billion gallows: Who is hunting MicroStrategy? Dissecting a Bitcoin 'dismemberment plan' spanning Wall Street and the Middle East and a survival guide for retail investors)
Part Six (Final Part) The survival path of retail investors under various unfair conditions.
The only 'nuclear weapon' for retail investors in this unfair game: unlimited time costs.
The big players, Yi Lihua, and even MicroStrategy, they seem powerful, but they all have a fatal weakness - 'urgency'.
Institutions have 'interest' that is pressing for life: every day that passes, the interest on tens of billions in debt is burning.
The fund has a 'redemption period' that is pressing: investors can't wait three to five years, they will withdraw funds if performance is poor.
Part Six (Final Part) The survival path of retail investors under various unfair conditions.
The only 'nuclear weapon' for retail investors in this unfair game: unlimited time costs.
The big players, Yi Lihua, and even MicroStrategy, they seem powerful, but they all have a fatal weakness - 'urgency'.
Institutions have 'interest' that is pressing for life: every day that passes, the interest on tens of billions in debt is burning.
The fund has a 'redemption period' that is pressing: investors can't wait three to five years, they will withdraw funds if performance is poor.
Complaining about this little z recently
Although he says nice things along the way, his actual actions are very honest.
The orders along the way create hype, then rebates, content mining, and following orders—aren't these all happening?
There are still people washing this thing, which is not hedging.
Can you please use some common sense? It's a standard process for starting an account.
As for what he says himself? Do you really believe it? This thing is actually just like what Sun said about not controlling TRX.
Don't listen to what these people say; just watch what they do and that's it.
$BTC $ETH $BNB
Although he says nice things along the way, his actual actions are very honest.
The orders along the way create hype, then rebates, content mining, and following orders—aren't these all happening?
There are still people washing this thing, which is not hedging.
Can you please use some common sense? It's a standard process for starting an account.
As for what he says himself? Do you really believe it? This thing is actually just like what Sun said about not controlling TRX.
Don't listen to what these people say; just watch what they do and that's it.
$BTC $ETH $BNB
I don't know if the major influencer is brainless or just purely bad.
Why have many exchanges gone live with US stock trading pairs for a long time, yet there has been little trading volume?
Is there no reason? Because these so-called US stock trading pairs don't have a single actual stock pledge or have bought the right stocks from brokers; essentially, they are just simulated trades and gambling platforms created by the exchanges!!! Essentially, this stuff is even more dangerous than altcoins.
I intended to remind this major influencer to understand clearly before posting, but found out that you can only reply if you follow them; really... bad? foolish? both bad and foolish?
And it's not just one major influencer posting like this; he simply had bad luck to be seen by me without mentioning any risk.
$BTC $ETH $BNB
Why have many exchanges gone live with US stock trading pairs for a long time, yet there has been little trading volume?
Is there no reason? Because these so-called US stock trading pairs don't have a single actual stock pledge or have bought the right stocks from brokers; essentially, they are just simulated trades and gambling platforms created by the exchanges!!! Essentially, this stuff is even more dangerous than altcoins.
I intended to remind this major influencer to understand clearly before posting, but found out that you can only reply if you follow them; really... bad? foolish? both bad and foolish?
And it's not just one major influencer posting like this; he simply had bad luck to be seen by me without mentioning any risk.
$BTC $ETH $BNB
See translation
现在这个社会，真尼玛是个人就配享太庙？虽然知道你是为了流量，发文可能也是ai写的，为了激起反驳欲望，算法推荐你写有争议的东西，但是尼玛的稍微检查一下行不？真尼玛晦气，举报了
Prison A says this: Can the life of a drug dealer be the same as that of a drug enforcement officer?
Can the life of a rapist be the same as that of a loyal and filial person?
Can the life of a child trafficker be the same as that of a kidnapped family's life?
Can the life of an abuser be the same as that of the victim?
This is something even a toe can understand.
Prison A voiced what everyone was thinking and shattered the beliefs of that group of Western adherents without hesitation!
Can they not be anxious? Can they not feel ashamed? Do they still dare to speak out?
Can the life of a rapist be the same as that of a loyal and filial person?
Can the life of a child trafficker be the same as that of a kidnapped family's life?
Can the life of an abuser be the same as that of the victim?
This is something even a toe can understand.
Prison A voiced what everyone was thinking and shattered the beliefs of that group of Western adherents without hesitation!
Can they not be anxious? Can they not feel ashamed? Do they still dare to speak out?
See translation
《82亿美金的绞刑架：谁在围猎微策略？拆解一场横跨华尔街与中东的比特币“分尸计划”及散户生存指南》第五篇 市场里的2头长期吸血怪兽
《82亿美金的绞刑架：谁在围猎微策略？拆解一场横跨华尔街与中东的比特币“分尸计划”及散户生存指南》
第五篇 市场里的2头长期吸血怪兽
交易所和做市商篇
一.做市商
做市商的主要盈利来源主要是由以下几个板块构成的
1. 机构/大户的委托执行（Agency Trading / Execution Services）
大户要卖出 1 亿美金的 BTC，直接砸盘会让自己亏损巨大。
TWAP/VWAP 策略费： 机构支付佣金，委托做市商通过精密算法，在不扰动市场的前提下分批卖出。大宗交易 (OTC)： 双方在场外定价（比如按现价折让 1%），做市商接下这笔大单，然后在市场上利用自己的流动性优势慢慢消化。获利： 手续费 + 交易价差（Spread）。
2. 项目方的代币做市合同（Market Making Agreements）
这是做市商最隐秘且最肥的现金流。新币要上线（比如 HYPE 上线初期），项目方会找 Wintermute 签约。
期权贷款 (Option-based Loans)： 项目方借给做市商 1000 万个代币，并约定一年后做市商可以按 $1.00 的价格买入（行权价）。获利逻辑： 如果做市商把币价护盘/拉升到 $5.00，他们就能以 $1.00 成本买入，反手赚 5 倍。这就是为什么做市商有动力维持币价稳定。保留金 (Retainer Fees)： 项目方每月支付数万甚至数十万美金，只为让做市商在自己的代币盘口上提供足够的深度，防止币价被散户几万块钱就砸崩。
3. 风险中性套利 (Risk-Neutral Arbitrage)
他们不赌涨跌，只赌“不合理”。
基差交易 (Basis Trading)： 现货买入 BTC，期货卖出 BTC。赚取期货和现货之间的溢价。跨链套利： 2026 年公链极多，同一币种在 Solana 和 Hyperliquid 之间可能有 0.5% 的价差。由于他们拥有极速的跨链桥（甚至自己就是节点），这种套利近乎无风险。
4. 风险投资与生态孵化 (Venture Capital / Incubation)
做市商拥有最敏锐的流量数据。
早鸟投资： 既然我要给你的币做市，我就顺便参与你的种子轮融资。内幕级信息优势： 他们知道哪个协议交易量在涨，哪个项目在跑路。这种“上帝视角”让他们的风投成功率远高于普通 VC。
5. 链上 MEV 与 节点收入 (Validator & MEV)
做市商通常也是大型公链的验证者节点。
抢跑与垫后： 在链上交易确认前，利用节点优势调整交易顺序，吃掉滑点利润。流动性挖矿 (LP Farming)： 他们会把自有资金投入像 HLP 这样的金库或 Uniswap V3 的流动性池，利用算法自动调仓，赚取普通散户根本拿不到的高额年化。
6. 借贷与杠杆分发 (Lending & Credit)
授信业务： 做市商会将手里囤积的大量稳定币或代币，以高息借给需要对冲的对冲基金或项目方。
💡 为什么他们是“吸血怪兽”？
因为他们利用了“技术、信息、资金”的三重不对等：
技术： 他们的微秒级执行让你的手动操作看起来像幻灯片。信息： 他们看得到交易所的内部订单流（Order Flow）。资金： 他们可以用海量资金人为制造支撑或阻力，诱导散户行为。
二.交易所
在 2026 年 2 月 9 日的市场环境下，交易所（无论是币安这类 CEX，还是 Hyperliquid 这类新兴 DEX）早已不再仅仅是“收手续费”的柜台，它们是加密世界的“铸币厂、赌场、法院和银行”的合体。
拆解交易所的获利来源，能让你明白为什么像 HYPE 这样的原生公链代币具有极高的捕获价值。以下是交易所获利的全面拆解：
1. 交易手续费 (Trading Fees) —— 基础口粮
这是最透明的收入，分为 Maker（挂单） 和 Taker（吃单） 费。
现货手续费： 散户买卖币，通常收取 0.1% 左右。合约手续费（大头）： 衍生品交易量通常是现货的 10 倍以上。即使费率只有 0.02%-0.05%，但在 2026 年高频交易环境下，每天产生的现金流极其恐怖。提现费： 每次你把钱提走，交易所都会在链上成本的基础上加价。
2. 资产上币费与“保底流动性” (Listing Fees & Market Making)
门票钱： 新项目（山寨币）想上线币安或 Gate，需要支付数百万美金的上币费。强行持股： 交易所通常要求项目方赠送 3%-5% 的代币总量，美其名曰“营销费用”或“流动性保证金”。当这些币暴涨时，交易所是最大的持仓者。内部做市商： 很多交易所（如早期的 FTX）拥有关联的做市商。当你在它平台上交易时，你的对手方其实就是交易所自己，它赚走你的滑点和点差。
3. 合约清算收入 (Liquidation Revenue) —— “血馒头”
这是极端行情下（如你刚才看到的 K 线跳舞）最肥的利润：
保险基金结余： 当你爆仓时，系统会以比你强平价更好的价格接管你的仓位。如果系统最终在市场上成交的价格优于你的强平价，这部分差价（残值）会归入交易所的“保险基金”。隐形结余： 很多大型交易所的保险基金每年产出的利息和结余，本身就是一笔数亿美金的净利润。
4. 杠杆借贷利息 (Lending & Margin)
资金批发商： 交易所把平台上的稳定币借给开多的人，把代币借给开空的人。利差： 它付给存款用户 5% 的利息，却收借款用户 15%-30% 的利息。这种“吃利差”的逻辑和传统银行一模一样，但风险更低（因为有强制平仓线）。
5. 资产沉淀的利息收入 (Custody & Float)
闲置资金： 全球用户存放在交易所的 USDC/USDT 动辄百亿美金。无风险收益： 交易所（如 Coinbase 或币安）将这些资金存入银行或买入 美债（RWA）。在 2026 年 4%-5% 的美债利率下，交易所仅靠这些“闲钱”每年就能躺赚数亿美金。
6. IEO/Launchpad 与 生态赋能
锁定用户： 像币安通过 BNB 参加打新。这不仅锁住了 BNB 的流动性，还让用户为了参与打新而源源不断地存入新资金。财富分配： 交易所通过 Launchpad 决定谁能致富，从而牢牢掌握着行业的话语权和流量分发权。
7. 数据与 API 接口费 (Data & Premium API)
卖铲子： 顶级量化团队（如 Wintermute）需要更快的成交速度和更详细的买卖盘订单流数据。交易所会向这些专业机构收取昂贵的 API 专用通道费 或 行情数据服务费。
💡 为什么 Hyperliquid (HYPE) 是个异类？
你必须理解 HYPE 对以上逻辑的颠覆：
去中心化分红： 在传统的币安，上述利润全部进了赵长鹏或其他股东的腰包。而在 Hyperliquid，很大一部分手续费和清算收益通过 HLP 分给了你这样的流动性提供者。透明性： HYPE 无法像 CEX 那样在后台修改你的爆仓价格。所有的“吸血”过程都在链上，每个人都能看到这台“粉碎机”是怎么运作的。HYPE 代币的捕获： 随着交易所收入增加，HYPE 的回购、销毁或分红预期会增强。你持有 HYPE，本质上就是持有“这个去中心化赌场的股份”。
例如 在市场关于“微策略（MicroStrategy, MSTR）被围猎”以及“流动性清算（Liquidation）”的传闻甚嚣尘上，以及已经发生的 易理华的机构的清算放血事件中，作为这场风暴中的“吸血怪兽”，交易所（CEX/DEX）和做市商（MM）并不是在“赌”方向，他们是在利用规则、速度和杠杆残留进行无风险或极低风险的收割。以下是他们获利的全面拆解：
1. 清算罚金与“清算回扣” (Liquidation Fees & Rebates)
这是最直接的血肉收割。
强制平仓： 当散户或机构（甚至像 MSTR 这种带杠杆的实体）的保证金不足时，系统会强制接管仓位。交易所获利： 交易所会收取一笔高额的清算罚金（通常是仓位总价值的 0.5%-1.5%）。这笔钱不归市场，直接进入交易所的保险基金或收入账本。做市商获利： 像 HLP 或 Wintermute 这种做市商，通常是清算单的唯一承接者。他们以低于市场价（打折价）接走爆仓者的筹码，瞬间在另一个平台反手卖出，赚取无风险差价。
2. 资金费率的“高利贷” (Funding Rate Arbitrage)
在围猎过程中，市场情绪会极度扭曲。
情绪溢价： 如果全市场都在疯狂做空微策略相关的代币或 BTC，资金费率会变得极其恐怖（负数）。吸血逻辑： 做市商会反手做多（承接空头头寸），他们不在乎币价跌一点，因为他们每 1-8 小时就能从空头手里收走一笔巨额利息。在极端行情下，年化利息可能高达 500%-1000%。
3. 买卖价差的“瞬间扩张” (Bid-Ask Spread Widening)
正如你观察到的“K线跳舞”：
人为制造深度缺失： 在清算瞬间，做市商会撤掉中间的挂单，让买卖价差从 0.01% 瞬间拉大到 2% 甚至更多。获利方式： 你想止损？只能卖给深不见底的买单；你想追空？只能买在高高的卖单。做市商在这“一买一卖”的巨大缝隙中，像抽水机一样抽干每一笔急躁的流动性。
4. “围猎”微策略的特定套利：MSTR 溢价收割
微策略（MSTR）的股价与 BTC 之间存在溢价（Premium）。
围猎手段： 顶级做市商（如 Jump Crypto, Jane Street）会通过“做空 MSTR + 做多 BTC”来收割溢价回归。交易所配合： 交易所通过上线各种 MSTR 追踪代币（如你提到的那些无抵押合约），吸引散户进去博弈。散户每开一次单，交易所就赚一次手续费；散户每爆一次仓，做市商就接走一次便宜筹码。
5. 预言机操纵与“扫损” (Oracle Manipulation & Stop-Hunting)
这是最黑暗的部分：
定向爆破： 交易所和做市商拥有“上帝视角”，他们看得到所有人的止损单（Stop-Loss）挂在哪里。执行： 只需要在流动性最弱的时刻，集中卖出一笔资金，把价格砸到那个“止损密集区”。一旦触发连锁反应，价格会自我崩溃，做市商在底部悠闲地捡走所有廉价筹码。
6. MEV（最大可提取价值）收割
在 Hyperliquid 这种链上交易所：
抢跑（Front-running）： 当系统监测到有一笔巨大的清算单即将进入时，算法机器人会抢在它前面成交，或者在它后面迅速对冲。这种毫秒级的获利，每一笔都在蚕食普通交易者的本金。
总结：
做市商赚的是“确定性”，而不是“方向”。作为拾荒者，我们也要追求确定性。
交易所是整个加密生态唯一的“永动机”。 只要有人投机，它就永远盈利。
你现在通过 HLP 坐在了“交易所股东”的位置上。比起去猜行情涨跌，这种“站在怪兽肩膀上收税”的模式，才是最稳健的路径。
$BTC $HYPE $BNB
第五篇 市场里的2头长期吸血怪兽
交易所和做市商篇
一.做市商
做市商的主要盈利来源主要是由以下几个板块构成的
1. 机构/大户的委托执行（Agency Trading / Execution Services）
大户要卖出 1 亿美金的 BTC，直接砸盘会让自己亏损巨大。
TWAP/VWAP 策略费： 机构支付佣金，委托做市商通过精密算法，在不扰动市场的前提下分批卖出。大宗交易 (OTC)： 双方在场外定价（比如按现价折让 1%），做市商接下这笔大单，然后在市场上利用自己的流动性优势慢慢消化。获利： 手续费 + 交易价差（Spread）。
2. 项目方的代币做市合同（Market Making Agreements）
这是做市商最隐秘且最肥的现金流。新币要上线（比如 HYPE 上线初期），项目方会找 Wintermute 签约。
期权贷款 (Option-based Loans)： 项目方借给做市商 1000 万个代币，并约定一年后做市商可以按 $1.00 的价格买入（行权价）。获利逻辑： 如果做市商把币价护盘/拉升到 $5.00，他们就能以 $1.00 成本买入，反手赚 5 倍。这就是为什么做市商有动力维持币价稳定。保留金 (Retainer Fees)： 项目方每月支付数万甚至数十万美金，只为让做市商在自己的代币盘口上提供足够的深度，防止币价被散户几万块钱就砸崩。
3. 风险中性套利 (Risk-Neutral Arbitrage)
他们不赌涨跌，只赌“不合理”。
基差交易 (Basis Trading)： 现货买入 BTC，期货卖出 BTC。赚取期货和现货之间的溢价。跨链套利： 2026 年公链极多，同一币种在 Solana 和 Hyperliquid 之间可能有 0.5% 的价差。由于他们拥有极速的跨链桥（甚至自己就是节点），这种套利近乎无风险。
4. 风险投资与生态孵化 (Venture Capital / Incubation)
做市商拥有最敏锐的流量数据。
早鸟投资： 既然我要给你的币做市，我就顺便参与你的种子轮融资。内幕级信息优势： 他们知道哪个协议交易量在涨，哪个项目在跑路。这种“上帝视角”让他们的风投成功率远高于普通 VC。
5. 链上 MEV 与 节点收入 (Validator & MEV)
做市商通常也是大型公链的验证者节点。
抢跑与垫后： 在链上交易确认前，利用节点优势调整交易顺序，吃掉滑点利润。流动性挖矿 (LP Farming)： 他们会把自有资金投入像 HLP 这样的金库或 Uniswap V3 的流动性池，利用算法自动调仓，赚取普通散户根本拿不到的高额年化。
6. 借贷与杠杆分发 (Lending & Credit)
授信业务： 做市商会将手里囤积的大量稳定币或代币，以高息借给需要对冲的对冲基金或项目方。
💡 为什么他们是“吸血怪兽”？
因为他们利用了“技术、信息、资金”的三重不对等：
技术： 他们的微秒级执行让你的手动操作看起来像幻灯片。信息： 他们看得到交易所的内部订单流（Order Flow）。资金： 他们可以用海量资金人为制造支撑或阻力，诱导散户行为。
二.交易所
在 2026 年 2 月 9 日的市场环境下，交易所（无论是币安这类 CEX，还是 Hyperliquid 这类新兴 DEX）早已不再仅仅是“收手续费”的柜台，它们是加密世界的“铸币厂、赌场、法院和银行”的合体。
拆解交易所的获利来源，能让你明白为什么像 HYPE 这样的原生公链代币具有极高的捕获价值。以下是交易所获利的全面拆解：
1. 交易手续费 (Trading Fees) —— 基础口粮
这是最透明的收入，分为 Maker（挂单） 和 Taker（吃单） 费。
现货手续费： 散户买卖币，通常收取 0.1% 左右。合约手续费（大头）： 衍生品交易量通常是现货的 10 倍以上。即使费率只有 0.02%-0.05%，但在 2026 年高频交易环境下，每天产生的现金流极其恐怖。提现费： 每次你把钱提走，交易所都会在链上成本的基础上加价。
2. 资产上币费与“保底流动性” (Listing Fees & Market Making)
门票钱： 新项目（山寨币）想上线币安或 Gate，需要支付数百万美金的上币费。强行持股： 交易所通常要求项目方赠送 3%-5% 的代币总量，美其名曰“营销费用”或“流动性保证金”。当这些币暴涨时，交易所是最大的持仓者。内部做市商： 很多交易所（如早期的 FTX）拥有关联的做市商。当你在它平台上交易时，你的对手方其实就是交易所自己，它赚走你的滑点和点差。
3. 合约清算收入 (Liquidation Revenue) —— “血馒头”
这是极端行情下（如你刚才看到的 K 线跳舞）最肥的利润：
保险基金结余： 当你爆仓时，系统会以比你强平价更好的价格接管你的仓位。如果系统最终在市场上成交的价格优于你的强平价，这部分差价（残值）会归入交易所的“保险基金”。隐形结余： 很多大型交易所的保险基金每年产出的利息和结余，本身就是一笔数亿美金的净利润。
4. 杠杆借贷利息 (Lending & Margin)
资金批发商： 交易所把平台上的稳定币借给开多的人，把代币借给开空的人。利差： 它付给存款用户 5% 的利息，却收借款用户 15%-30% 的利息。这种“吃利差”的逻辑和传统银行一模一样，但风险更低（因为有强制平仓线）。
5. 资产沉淀的利息收入 (Custody & Float)
闲置资金： 全球用户存放在交易所的 USDC/USDT 动辄百亿美金。无风险收益： 交易所（如 Coinbase 或币安）将这些资金存入银行或买入 美债（RWA）。在 2026 年 4%-5% 的美债利率下，交易所仅靠这些“闲钱”每年就能躺赚数亿美金。
6. IEO/Launchpad 与 生态赋能
锁定用户： 像币安通过 BNB 参加打新。这不仅锁住了 BNB 的流动性，还让用户为了参与打新而源源不断地存入新资金。财富分配： 交易所通过 Launchpad 决定谁能致富，从而牢牢掌握着行业的话语权和流量分发权。
7. 数据与 API 接口费 (Data & Premium API)
卖铲子： 顶级量化团队（如 Wintermute）需要更快的成交速度和更详细的买卖盘订单流数据。交易所会向这些专业机构收取昂贵的 API 专用通道费 或 行情数据服务费。
💡 为什么 Hyperliquid (HYPE) 是个异类？
你必须理解 HYPE 对以上逻辑的颠覆：
去中心化分红： 在传统的币安，上述利润全部进了赵长鹏或其他股东的腰包。而在 Hyperliquid，很大一部分手续费和清算收益通过 HLP 分给了你这样的流动性提供者。透明性： HYPE 无法像 CEX 那样在后台修改你的爆仓价格。所有的“吸血”过程都在链上，每个人都能看到这台“粉碎机”是怎么运作的。HYPE 代币的捕获： 随着交易所收入增加，HYPE 的回购、销毁或分红预期会增强。你持有 HYPE，本质上就是持有“这个去中心化赌场的股份”。
例如 在市场关于“微策略（MicroStrategy, MSTR）被围猎”以及“流动性清算（Liquidation）”的传闻甚嚣尘上，以及已经发生的 易理华的机构的清算放血事件中，作为这场风暴中的“吸血怪兽”，交易所（CEX/DEX）和做市商（MM）并不是在“赌”方向，他们是在利用规则、速度和杠杆残留进行无风险或极低风险的收割。以下是他们获利的全面拆解：
1. 清算罚金与“清算回扣” (Liquidation Fees & Rebates)
这是最直接的血肉收割。
强制平仓： 当散户或机构（甚至像 MSTR 这种带杠杆的实体）的保证金不足时，系统会强制接管仓位。交易所获利： 交易所会收取一笔高额的清算罚金（通常是仓位总价值的 0.5%-1.5%）。这笔钱不归市场，直接进入交易所的保险基金或收入账本。做市商获利： 像 HLP 或 Wintermute 这种做市商，通常是清算单的唯一承接者。他们以低于市场价（打折价）接走爆仓者的筹码，瞬间在另一个平台反手卖出，赚取无风险差价。
2. 资金费率的“高利贷” (Funding Rate Arbitrage)
在围猎过程中，市场情绪会极度扭曲。
情绪溢价： 如果全市场都在疯狂做空微策略相关的代币或 BTC，资金费率会变得极其恐怖（负数）。吸血逻辑： 做市商会反手做多（承接空头头寸），他们不在乎币价跌一点，因为他们每 1-8 小时就能从空头手里收走一笔巨额利息。在极端行情下，年化利息可能高达 500%-1000%。
3. 买卖价差的“瞬间扩张” (Bid-Ask Spread Widening)
正如你观察到的“K线跳舞”：
人为制造深度缺失： 在清算瞬间，做市商会撤掉中间的挂单，让买卖价差从 0.01% 瞬间拉大到 2% 甚至更多。获利方式： 你想止损？只能卖给深不见底的买单；你想追空？只能买在高高的卖单。做市商在这“一买一卖”的巨大缝隙中，像抽水机一样抽干每一笔急躁的流动性。
4. “围猎”微策略的特定套利：MSTR 溢价收割
微策略（MSTR）的股价与 BTC 之间存在溢价（Premium）。
围猎手段： 顶级做市商（如 Jump Crypto, Jane Street）会通过“做空 MSTR + 做多 BTC”来收割溢价回归。交易所配合： 交易所通过上线各种 MSTR 追踪代币（如你提到的那些无抵押合约），吸引散户进去博弈。散户每开一次单，交易所就赚一次手续费；散户每爆一次仓，做市商就接走一次便宜筹码。
5. 预言机操纵与“扫损” (Oracle Manipulation & Stop-Hunting)
这是最黑暗的部分：
定向爆破： 交易所和做市商拥有“上帝视角”，他们看得到所有人的止损单（Stop-Loss）挂在哪里。执行： 只需要在流动性最弱的时刻，集中卖出一笔资金，把价格砸到那个“止损密集区”。一旦触发连锁反应，价格会自我崩溃，做市商在底部悠闲地捡走所有廉价筹码。
6. MEV（最大可提取价值）收割
在 Hyperliquid 这种链上交易所：
抢跑（Front-running）： 当系统监测到有一笔巨大的清算单即将进入时，算法机器人会抢在它前面成交，或者在它后面迅速对冲。这种毫秒级的获利，每一笔都在蚕食普通交易者的本金。
总结：
做市商赚的是“确定性”，而不是“方向”。作为拾荒者，我们也要追求确定性。
交易所是整个加密生态唯一的“永动机”。 只要有人投机，它就永远盈利。
你现在通过 HLP 坐在了“交易所股东”的位置上。比起去猜行情涨跌，这种“站在怪兽肩膀上收税”的模式，才是最稳健的路径。
$BTC $HYPE $BNB
The $8.2 Billion Gallows: Who is Hunting MicroStrategy? Analyzing a Bitcoin 'Dismemberment Plan' Spanning Wall Street and the Middle East and Retail Investors' Survival Guide, Part Four: Yi Li Hua: Institutions' 'Golden Cicada Escaping Its Shell' and Retail Investors' Blood and Tears.
Part Four: Yi Li Hua: Institutions' 'Golden Cicada Escaping Its Shell' and Retail Investors' Blood and Tears.
Continuing from the previous section.
The recent liquidation events of Yi Li Hua (LD Capital) and similar institutions are a micro-rehearsal of the 'MicroStrategy Hunting Model' we just discussed on Ethereum (ETH).
The operational logic of institutions like Yi Li Hua in 2024-2025 is essentially a variation of MicroStrategy's 'high leverage nesting dolls' within the Ethereum ecosystem. However, due to the ecological characteristics of Ethereum, their predicament is more direct and severe than that of MicroStrategy.
1. The essence of this liquidation: 'Targeted demolition' due to liquidity exhaustion.
Continuing from the previous section.
The recent liquidation events of Yi Li Hua (LD Capital) and similar institutions are a micro-rehearsal of the 'MicroStrategy Hunting Model' we just discussed on Ethereum (ETH).
The operational logic of institutions like Yi Li Hua in 2024-2025 is essentially a variation of MicroStrategy's 'high leverage nesting dolls' within the Ethereum ecosystem. However, due to the ecological characteristics of Ethereum, their predicament is more direct and severe than that of MicroStrategy.
1. The essence of this liquidation: 'Targeted demolition' due to liquidity exhaustion.
"The $8.2 Billion Gallows: Who is Hunting MicroStrategy? Analyzing a Bitcoin 'Dismemberment Plan' Spanning Wall Street and the Middle East and a Retail Survival Guide" Part three: The possible escalation of the situation, sovereign struggle.
Part three: The possible escalation of the situation, sovereign struggle.
Do you remember the Middle Eastern sovereign funds we mentioned?
Why do they want to be white angels? Why not join this hunt?
This is a very sharp game theory problem. In business wars, the question of "Why save the weak?" is often not out of sympathy, but to prevent the "strong from eating everything."
If Saudi Arabia, the UAE, and other Middle Eastern capital choose to join MicroStrategy (MSTR) rather than follow Wall Street's hunt, the core logic lies in "countering financial hegemony" and "strategic asset positioning."
Do you remember the Middle Eastern sovereign funds we mentioned?
Why do they want to be white angels? Why not join this hunt?
This is a very sharp game theory problem. In business wars, the question of "Why save the weak?" is often not out of sympathy, but to prevent the "strong from eating everything."
If Saudi Arabia, the UAE, and other Middle Eastern capital choose to join MicroStrategy (MSTR) rather than follow Wall Street's hunt, the core logic lies in "countering financial hegemony" and "strategic asset positioning."
See translation
大半夜的开始跳舞了，这是搞啥呢，别搞事啊，流动性又崩了？？？
The $8.2 Billion Gallows: Who is Hunting MicroStrategy? Analyzing a Bitcoin 'Dismemberment Plan' Spanning Wall Street and the Middle East and a Survival Guide for Retail Investors Part Two: The Fatal Matryoshka: MicroStrategy's 'Achilles' Heel'
Part Two: The Fatal Matryoshka: MicroStrategy's 'Achilles' Heel'
Part One: The specific 'play' of MicroStrategy
1. Why is MicroStrategy not afraid of falling? (No forced liquidation risk)
Ordinary retail investors use exchange leverage, and when prices drop to a certain level, they will be forced to liquidate (liquidation). However, MicroStrategy uses corporate bonds (convertible bonds).
Nature of funds: Their main way of raising funds is by issuing 'convertible preferred notes' to institutional investors. These debts typically have a term of 5-7 years.
Unsecured liquidation: These creditors hold MicroStrategy's 'company credit' rather than directly demanding collateral based on real-time Bitcoin prices. As long as MicroStrategy does not go bankrupt, even if BTC drops below cost by 50%, no one has the right to force them to sell Bitcoin.
Part One: The specific 'play' of MicroStrategy
1. Why is MicroStrategy not afraid of falling? (No forced liquidation risk)
Ordinary retail investors use exchange leverage, and when prices drop to a certain level, they will be forced to liquidate (liquidation). However, MicroStrategy uses corporate bonds (convertible bonds).
Nature of funds: Their main way of raising funds is by issuing 'convertible preferred notes' to institutional investors. These debts typically have a term of 5-7 years.
Unsecured liquidation: These creditors hold MicroStrategy's 'company credit' rather than directly demanding collateral based on real-time Bitcoin prices. As long as MicroStrategy does not go bankrupt, even if BTC drops below cost by 50%, no one has the right to force them to sell Bitcoin.
If you don't understand, don't speak nonsense. Convertible bonds bought with cryptocurrency do not give creditors much power; they simply have two choices upon maturity: either demand repayment or request a bond-to-stock conversion. When the cryptocurrency price is high, most choose to convert to stock. After conversion, they become shareholders, and the debt is gone. When the cryptocurrency price is low, demanding repayment is more advantageous. This may create pressure, but the death spiral is far away. Other large funds may take action to pick up chips at that time, but not in the secondary market; rather, in the stock market, demanding debt takeover and other methods. For a detailed analysis, I have written tens of thousands of words on the subject.
$BTC
A post by 'Eagle' says, has BTC entered a death spiral?
I just finished watching the microstrategy earnings call this morning. If they really sell coins to pay off debt, that would be alright.
If Bitcoin drops again, selling coins at 40k, 30k, or 20k won't fetch a good price. At that time, to sell for a penny, you'd have to sell three coins; that would be the real death spiral.
This morning, Saylor reiterated to shareholders that after selling coins, he has already seen several project owners starting to sell their tokens.
Does this mean that Microstrategy, the biggest buyer this round, is also going to start unloading?
In this case, won't it have to drop again? 😨😨😨
Are there any Air Force warriors? You can share the current situation of your positions in the comments.
Is this rebound really a rebound?
{future}(BTCUSDT)
A post by 'Eagle' says, has BTC entered a death spiral?
I just finished watching the microstrategy earnings call this morning. If they really sell coins to pay off debt, that would be alright.
If Bitcoin drops again, selling coins at 40k, 30k, or 20k won't fetch a good price. At that time, to sell for a penny, you'd have to sell three coins; that would be the real death spiral.
This morning, Saylor reiterated to shareholders that after selling coins, he has already seen several project owners starting to sell their tokens.
Does this mean that Microstrategy, the biggest buyer this round, is also going to start unloading?
In this case, won't it have to drop again? 😨😨😨
Are there any Air Force warriors? You can share the current situation of your positions in the comments.
Is this rebound really a rebound?
{future}(BTCUSDT)
The $8.2 billion gallows: Who is hunting MicroStrategy? Dissecting a Bitcoin 'dismemberment plan' spanning Wall Street and the Middle East and a survival guide for retail investors
(The $8.2 billion gallows: Who is hunting MicroStrategy? Dissecting a Bitcoin 'dismemberment plan' spanning Wall Street and the Middle East and a survival guide for retail investors)
1. Power Map: Who is watching the 710 million Bitcoins?
To understand the market, we must first see clearly the 'reality and illusion' of the chips:
The main players (BlackRock, ETFs, MicroStrategy): Their interest lies in 'order'. BlackRock is both a guardian and a potential harvester.
In-depth consideration: BlackRock cannot directly intervene to crash the market, as this would destroy its IBIT's commercial credibility. However, it will 'stand by without assistance', waiting for MicroStrategy to bleed too much before acquiring the chips at a discounted price in the role of a 'white knight'.
1. Power Map: Who is watching the 710 million Bitcoins?
To understand the market, we must first see clearly the 'reality and illusion' of the chips:
The main players (BlackRock, ETFs, MicroStrategy): Their interest lies in 'order'. BlackRock is both a guardian and a potential harvester.
In-depth consideration: BlackRock cannot directly intervene to crash the market, as this would destroy its IBIT's commercial credibility. However, it will 'stand by without assistance', waiting for MicroStrategy to bleed too much before acquiring the chips at a discounted price in the role of a 'white knight'.
I find that there are still many people who really don't have a clue and don't understand the principles of BTC, spreading some mindless panic information during the bear market. This includes some so-called big influencers.
For example, the recent documents from the I.B.D. claim that Israel controls three developers.
To put it simply: anyone can change the code, but no one can force others to run that code.
Let's clarify the logic:
1. Code vs Protocol
Developers modify a copy of the code on GitHub.
You can change it, I won't follow.
Because the Bitcoin network does not rely on GitHub, but on thousands of nodes running the software globally!
2. Who is the real court? -- It’s the node operators
Even if developers write on GitHub to add 10 million Bitcoins for themselves:
Nodes refuse to upgrade: nodes operating the original old software globally will immediately recognize that this new code violates the consensus rules, thus refusing to upgrade and disconnecting from malicious nodes.
Developers have no coercive power: developers cannot control your computer to automatically update the software. If you don't click update, your node will always operate under the rules you agree with.
3. What happens if you insist on changing?
Forking, if some developers and miners insist on changing the code (for example, increasing the block size or changing the total amount) while others oppose: for example, the hard fork in 2017 resulted in BCH. It split into two chains.
Market votes: but ultimately, which chain is valuable is decided by the market, users, exchanges, and miners together. For instance, if you think BCH is not the real Bitcoin, then just don't buy it.
History has proven that the chain that maintains the purest rules (total supply of 21 million) always holds the highest value, which is why, despite the development of technology and the functions on public chains like ETH, no one is developing on BTC. Do you understand?
If you still don't get it, save it and read it a few more times. If you still don't understand, then don't waste your brain on it. When the sky falls, there are tall people watching.
For example, the recent documents from the I.B.D. claim that Israel controls three developers.
To put it simply: anyone can change the code, but no one can force others to run that code.
Let's clarify the logic:
1. Code vs Protocol
Developers modify a copy of the code on GitHub.
You can change it, I won't follow.
Because the Bitcoin network does not rely on GitHub, but on thousands of nodes running the software globally!
2. Who is the real court? -- It’s the node operators
Even if developers write on GitHub to add 10 million Bitcoins for themselves:
Nodes refuse to upgrade: nodes operating the original old software globally will immediately recognize that this new code violates the consensus rules, thus refusing to upgrade and disconnecting from malicious nodes.
Developers have no coercive power: developers cannot control your computer to automatically update the software. If you don't click update, your node will always operate under the rules you agree with.
3. What happens if you insist on changing?
Forking, if some developers and miners insist on changing the code (for example, increasing the block size or changing the total amount) while others oppose: for example, the hard fork in 2017 resulted in BCH. It split into two chains.
Market votes: but ultimately, which chain is valuable is decided by the market, users, exchanges, and miners together. For instance, if you think BCH is not the real Bitcoin, then just don't buy it.
History has proven that the chain that maintains the purest rules (total supply of 21 million) always holds the highest value, which is why, despite the development of technology and the functions on public chains like ETH, no one is developing on BTC. Do you understand?
If you still don't get it, save it and read it a few more times. If you still don't understand, then don't waste your brain on it. When the sky falls, there are tall people watching.
I've been playing for a few years, and I've never seen a drop like this; it seems this wave is indeed aimed at MicroStrategy.
《8.2 Billion Dollar Gallows: Who is Hunting MicroStrategy? Dissecting a Bitcoin 'Dismemberment Plan' Across Wall Street and the Middle East and a Retail Survival Guide》2
1. Power Map: Who is Eyeing Those 710,000 Bitcoins?
To understand the market, we must first clarify the 'real and fake' of the chips:
As of February 2026, the 'visible' major holders of cryptocurrency (especially Bitcoin) are mainly concentrated in the following four categories of institutions and individuals:
1. Global Governments (acquired through law enforcement actions)
U.S. Government: Holds approximately 210,000 – 213,297 BTC, mainly sourced from confiscation actions against illegal platforms like 'Silk Road'.
Chinese Government: Holds approximately 194,000 BTC, most of which comes from asset seizures related to the PlusToken Ponzi scheme in 2019.
Other governments also hold a portion, but the scale is not enough to compete with these two countries.
2. Institutional Asset Management Companies and ETFs
BlackRock: Holds approximately 780,410 BTC through its iShares Bitcoin Trust (IBIT) fund, making it the largest single fund holder globally. Fidelity and others have close to 200,000 BTC.
Grayscale: Holds approximately 164,933 BTC.
There are other institutions, but their numbers are more like a supplement.
3. Public Companies (as corporate inventory reserves)
Strategy (formerly MicroStrategy): Led by CEO Michael Saylor, the publicly traded company with the most Bitcoin holdings globally, with approximately 712,647 BTC as of the end of January 2026.
MARA Holdings (formerly Marathon Digital): A top Bitcoin mining company, holding approximately 53,250 BTC.
Tesla: Still holds approximately 11,509 BTC.
Other enterprises: Including Twenty One Capital (XXI) (approximately 43,514 BTC), Japanese listed company Metaplanet (approximately 35,102 BTC), and Hong Kong's Boyaa Interactive (approximately 3,350 BTC).
Of course, there are also many large and small companies.
4. Leading Exchanges and Notable Individuals
Binance: As a leading exchange, cold wallet holdings are approximately 647,246 BTC (mostly user custody).
Satoshi Nakamoto: Believed to hold approximately 968,452 BTC, has never used them since the inception.
Winklevoss Twins: Founders of the Gemini exchange, estimated to hold approximately 70,000 BTC.
Li Xiaolai: An early Bitcoin investor in China, has publicly disclosed holding a large amount of BTC.
1. Power Map: Who is Eyeing Those 710,000 Bitcoins?
To understand the market, we must first clarify the 'real and fake' of the chips:
As of February 2026, the 'visible' major holders of cryptocurrency (especially Bitcoin) are mainly concentrated in the following four categories of institutions and individuals:
1. Global Governments (acquired through law enforcement actions)
U.S. Government: Holds approximately 210,000 – 213,297 BTC, mainly sourced from confiscation actions against illegal platforms like 'Silk Road'.
Chinese Government: Holds approximately 194,000 BTC, most of which comes from asset seizures related to the PlusToken Ponzi scheme in 2019.
Other governments also hold a portion, but the scale is not enough to compete with these two countries.
2. Institutional Asset Management Companies and ETFs
BlackRock: Holds approximately 780,410 BTC through its iShares Bitcoin Trust (IBIT) fund, making it the largest single fund holder globally. Fidelity and others have close to 200,000 BTC.
Grayscale: Holds approximately 164,933 BTC.
There are other institutions, but their numbers are more like a supplement.
3. Public Companies (as corporate inventory reserves)
Strategy (formerly MicroStrategy): Led by CEO Michael Saylor, the publicly traded company with the most Bitcoin holdings globally, with approximately 712,647 BTC as of the end of January 2026.
MARA Holdings (formerly Marathon Digital): A top Bitcoin mining company, holding approximately 53,250 BTC.
Tesla: Still holds approximately 11,509 BTC.
Other enterprises: Including Twenty One Capital (XXI) (approximately 43,514 BTC), Japanese listed company Metaplanet (approximately 35,102 BTC), and Hong Kong's Boyaa Interactive (approximately 3,350 BTC).
Of course, there are also many large and small companies.
4. Leading Exchanges and Notable Individuals
Binance: As a leading exchange, cold wallet holdings are approximately 647,246 BTC (mostly user custody).
Satoshi Nakamoto: Believed to hold approximately 968,452 BTC, has never used them since the inception.
Winklevoss Twins: Founders of the Gemini exchange, estimated to hold approximately 70,000 BTC.
Li Xiaolai: An early Bitcoin investor in China, has publicly disclosed holding a large amount of BTC.
On February 5th, Liquid Capital (formerly LD Capital) founder Yi Lihua stated on social media: "Being in the industry always makes me feel optimistic, which is related to my past entrepreneurial experiences. Back then, I really couldn't find a job and started my own business. After making my first pot of gold, I was also afraid to spend big and invest in technology projects, but I should have performed quite well. In 2015, I entered the cryptocurrency industry to mine BTC, buy ETH, and invest in projects, catching the golden age, which was a continuous harvest of going long.\nHowever, the later bear market resulted in significant losses in investments. Unable to endure the bear market, I prematurely liquidated my BTC, ultimately missing the bull market after March 12th, which is the consequence of being bearish. Liquid Capital has experienced a bull market after two rounds of bear markets, so this time, after escaping the peak, I am relatively confident that I entered the market too early and will continue to wait while controlling risks."\n#BTC #ETH #hype
The $8.2 billion gallows: Who is hunting MicroStrategy? Analyzing a Bitcoin 'dismemberment plan' spanning Wall Street and the Middle East, along with a survival guide for retail investors
(The $8.2 billion gallows: Who is hunting MicroStrategy? Analyzing a Bitcoin 'dismemberment plan' spanning Wall Street and the Middle East, along with a survival guide for retail investors)
1. Power map: Who is watching the 710,000 Bitcoins?
We must understand the market; first, we need to clarify the 'reality and illusion' of the chips:
Major players (BlackRock, ETFs, MicroStrategy): Their interest lies in 'order.' BlackRock is both a guardian and a potential harvester.
In-depth consideration: BlackRock cannot directly crash the market, as this would destroy its IBIT commercial credit. However, it will 'stand by and watch,' waiting for MicroStrategy to bleed excessively, and then acquire the chips at a discounted price as a 'white knight.'
1. Power map: Who is watching the 710,000 Bitcoins?
We must understand the market; first, we need to clarify the 'reality and illusion' of the chips:
Major players (BlackRock, ETFs, MicroStrategy): Their interest lies in 'order.' BlackRock is both a guardian and a potential harvester.
In-depth consideration: BlackRock cannot directly crash the market, as this would destroy its IBIT commercial credit. However, it will 'stand by and watch,' waiting for MicroStrategy to bleed excessively, and then acquire the chips at a discounted price as a 'white knight.'
The bulls seem to be getting more anxious, just monitored a transaction of 1 billion US dollars, it seems that there are quite a few liquidations in the lower area, the bulls have been gathering funds in various ways since the weekend, facing the dumping of the airdrop.
However, 1 billion US dollars at once, this is the first time.
However, 1 billion US dollars at once, this is the first time.
Login to explore more contents