After experiencing a large-scale liquidation in the crypto assets market, reflecting on the market conditions during that period, one can't help but feel that this big dump was not sudden; rather, it was the result of warning signals issued by the market for 24 consecutive hours being collectively ignored.

At that time, Bitcoin was fluctuating around $125,000, with the candlestick chart showing a typical sideways trend, indicating that both bullish and bearish forces were competing fiercely. However, market participants seemed to be caught in a collective frenzy. Social media was filled with optimistic sentiments, with some openly displaying full long positions, confidently anticipating a breakthrough of $130,000. Even seasoned traders, who are usually cautious, began to envision the possibility of $150,000, as if the market had only one option: to rise.

What is even more concerning is the crazy performance of emerging concept tracks. DePIN is widely touted as the next huge opportunity, with related tokens often surging 50% in a single day. RWA projects are even more exaggerated, with token prices doubling merely on financing news. Investors' focus has completely shifted away from the intrinsic value of the projects, instead chasing short-term windfalls.

However, the most dangerous signal is actually hidden in the trading data. The perpetual contract open interest of mainstream coins has reached an all-time high, indicating extreme leverage expansion in the market. In this situation, even slight fluctuations could trigger a chain reaction, leading to large-scale liquidations.

Looking back at this history, it is not hard to find that excessive optimism and collective blindness are often precursors to market turning points. In a highly speculative market like Crypto Assets, it is particularly important to remain clear-headed and rational. While innovation and enthusiasm are the driving forces behind industry development, the importance of risk management and value assessment should not be overlooked.

This incident also proves once again that participants in the crypto market need to pay more attention to long-term value and practical applications, rather than merely chasing short-term profits. Only by finding a balance between enthusiasm and rationality can one survive and succeed in the long term in this market full of opportunities and challenges.