Tonight's market movements are a bit heartbreaking. A friend just sent over a screenshot showing BTC testing the 90K threshold back and forth, and that 3K fluctuation candle looks glaring. He's already prepared to cut losses—if we can't break through this level tonight, he's out.

But think carefully, at times like this, the easiest thing to lose is not the price itself, but your emotions.

**Same chart watching, why are the results so different?**

Retail investors see 90K and wonder, "Can we break through this psychological barrier?" But what are the main players looking at? Are they looking at the liquidation positions piled up on exchanges, abnormal changes in large on-chain transfers, or liquidity gaps left by cross-market arbitrage—these hidden "real chip distributions" on the chain that determine where the price will go next.

Relying solely on intuition or a KOL's words to make decisions almost guarantees losses. But if you can see the deviation between historical volatility and current implied volatility, track large on-chain transfers and their correlation with US trading hours, and dynamically observe changes in exchange order book depth... then your stop-loss isn't just "gut feeling," but a rational choice based on probabilities.

**Short-term trading is never about luck.**

While others are still trembling over that 3K candle, you've already grasped the data logic behind this wave of volatility. The market doesn't care how much is left in your account; it only cares about who can access trustworthy on-chain information faster.

Tonight, whether we break through or not, I hope every trader can clearly win or lose—because in this market, money lost due to emotions will ultimately be recovered through cognition.