Large fluctuations are never surprises; they always hide three signals behind them.

Observe the market, and you'll find that these signals always appear together:

**Emotional Fission** — Everyone is on the same side, either bullish or bearish, creating a unified market sentiment. At this point, opposite orders are the rarest.

**Liquidity Exhaustion** — Trading volume shrinks, transactions cool down. Imagine a pile of dry grass; a spark is all it takes.

**Severe Position Imbalance** — 90% of accounts are on the same side, margin financing surges, short squeeze rates are eye-catching, and derivatives are aligned to an absurd degree. When positions are overly concentrated, any disturbance can trigger a chain reaction of liquidations.

This is not a black swan event but an inevitable evolution of structural imbalance + liquidity exhaustion + capital runs.

Experts focus on only two things:

First, continuously monitoring whether the degree of crowded positions has reached its limit; second, lying in wait during the most illiquid moments.

They understand one thing deeply — the true upward movement of assets like #以太坊行情技术解读 $BTC does not come from candlestick indicators but from the disintegration of the opposing orders.