The recent market fluctuations are indeed very typical. The previous cycle was a textbook-level swing trend, and although the current wave yesterday didn't change much in terms of positions, its nature is completely different—that's the key difference.

In a ranging market, you can't really use complicated tools. I only look at two things: open interest data and the long-short ratio. That's it. This approach may seem rough, but in reality, it's extremely efficient. I spent quite a few articles last year explaining this logic in detail, and I later realized that many people have been using it during sideways consolidation.

The core is: don't over-interpret. How positions move and the long-short comparison are enough signals. During the volatility of BTC and ETH, focusing on these two points is much more reliable than chasing after fancy indicators.