Observing recent market phenomena, large exchanges are playing with high leverage Alpha, small exchanges are offering spot plus futures packages, and many people are chasing dreams of earning thousands or tens of thousands of times returns, resulting in a rush to open futures positions. The spot market is very quiet, while the futures side is manipulating the market by pumping and dumping.

If this continues, don't blame the increasingly poor liquidity now. The data is in front of us—the spot trading volume is around 50 million, while futures trading has reached tens of billions, indicating a serious imbalance of funds. A bunch of short-term speculative behaviors in futures are ruining the market ecology, with the genuine spot market being drained.

To break out of this vicious cycle, the unhealthy speculative trend in futures must be rectified early on, or the market simply won't recover. From a technical perspective, a short-term correction is inevitable, but based on fundamentals and market structure, the outlook remains bullish. The key is to bring liquidity back to the spot market and restore a healthy ecological cycle.