In the past 24 hours, the market has once again staged a bloodbath. Many people open their eyes and close them, only to find their accounts gone. The recent market move last night was a collective wake-up call for all high-leverage traders.

Let's start with the numbers, because this is the most heartbreaking part. When BTC briefly dropped below $86,000, the entire market exploded instantly. Total liquidation across the network reached $468 million, with over 147,000 people being liquidated directly. Of these, $385 million were from long positions being cut. A major exchange even experienced a particularly tragic event — a long position worth $11.58 million in BTC was forcibly liquidated, which can only be described as a "whale falling."

But here’s where it gets interesting. Amid the widespread lamenting, the Chinese Meme coin sector inexplicably soared against the trend. Projects like 某币 and 某米 (placeholder names) actually gained more than 7-12% intraday during BTC's plunge. Why? It’s actually related to the expectation that a major exchange will soon fully support UTF-8 encoding, meaning future support for Chinese trading pairs directly. This indicates that community enthusiasm and narrative strength can still turn the tide even in extreme market conditions.

What can we learn from this round of market movement? Leverage, frankly, is the market’s way of punishing disobedience. A wave of intense volatility can wipe out everything. Tools are simply tools; they should never be treated as gambling devices.

Let’s also look at the key ecosystems and new narratives prioritized by major exchanges. Even in bear markets or sideways movements, opportunities often emerge first. Infrastructure upgrades — such as a recent network upgrade completed by a leading exchange — may seem technical, but ultimately they are laying the groundwork for the next wave of opportunities.

The current market is in a recovery phase after extreme fear. Whether it continues downward or bottoms out and rebounds depends on how the data develops. But no matter what, surviving to see the next market cycle is the most important thing.