Recently, this wave of decline seems like a technical adjustment? Actually, it's far from that simple.

BTC surged and then retraced, with both bulls and bears trapped, retail investors crying out— but this script has long been thoroughly exposed in the order flow.

Spot CVD (Cumulative Volume Delta) first rose then fell, what does that indicate? It's not small investors fleeing, but large whales and big players frantically offloading spot at high levels. This is the first signal. Looking further, Coinbase's premium directly turned into a discount; purchasing power in the US side evaporated instantly, and demand sharply declined. Another warning sign lit up.

The most dramatic part is yet to come: when the price surged, open interest actually increased— a bunch of newbies excitedly opened long positions and rushed in. As a result, the sell orders in the spot market suddenly hammered down, causing the price to crash directly. These new longs were instantly trapped, while the seasoned shorts who had been lurking easily reaped the profits.

This is not some random fluctuation; it's a carefully designed trap exploiting market information asymmetry.

But here’s a key question: as retail investors, can you really get timely access to CVD data, exchange premiums, and order book distribution? Is the data complete enough? Could it be manipulated from the start? Are the analysis tools you rely on trustworthy in their data sources?

Thinking about this, you should have a clear idea in your mind.