#以太坊大户持仓变化 Decline, but there's no need to make up reasons out of thin air

Yesterday, all kinds of assets rose together—gold rose, silver rose, stocks rose, and the dollar also rose. Today, there's a comprehensive pullback, but this kind of adjustment without a story or logical shock is precisely the most ignorable.

**Why say this isn't a wrong direction, just too fast?**

The reasons become clear when you look. Yesterday's rise had no clear trigger, and today's decline is the same—this is actually a typical profit-taking and position adjustment. In the crazy state where "everything is rising, and bond market volatility is locked," funds instinctively hit the brakes. The market is asking itself: Are we rushing a bit too hard? Not: Are we heading in the wrong direction? These are two completely different things.

**The data makes it even clearer.**

$BTC, $ETH, $BNB—these major assets haven't fully given back yesterday's gains. This isn't a sign of a beginning of a correction, but rather a clearing out of the most crowded short-term long positions. The logical framework hasn't been broken; it's just that the riskiest positions have been scaled back.

**Currently, it's a delicate window period.**

Macroeconomic data hasn't been released yet, and the Federal Reserve is in a relatively silent period, but the market has already bet on a bunch of "future stories." At such times, prices often move faster than logic, and corrections often occur before news appears. When the real trend changes, you'll see this combination: the dollar suddenly rebounds, real interest rates rise, gold and stocks start to diverge and fall, and volatility continues to climb. None of this is visible now, so there's no need to react excessively.

$BTC $ETH $BNB