After chatting with a few friends who were exposed in 1011, I have a better understanding of the market over the past period.

Winners in a specific time frame tend to repeat profitable paths. Large amounts of funds using the same strategies follow similar routes and may be collectively wiped out during an unexpected event.

Perhaps due to MicroStrategy's influence, many old-school traders and "scalping-like" strategy traders are used to placing orders based on price movements to catch "needles."

Simply put, it's "block the butthole, make a little profit, then run." They do this many times, then get taken out in one wave.

I’m too lazy to talk more. To my friends who have been through it, these long positions usually stay silent, just blocking and waiting.