The sudden appearance of the "Heaven and Earth Needle" around 6 a.m. caught many bears off guard, with even the 0.52 short positions being forced out—none were spared, and they were liquidated around the 0.66 level. Judging by this rhythm, it’s clear that the market maker’s move is aimed at clearing out floating chips—first exploding large short positions to gather momentum for the next trend.

Interestingly, the funding rate has been pushed to a negative 4 level, indicating that bullish sentiment in the market has been heavily suppressed. At the same time, that mysterious big player has taken new action—suddenly adding over 6 million U.S. dollars in margin this morning. The timing is quite subtle—coincidence or an early prediction of the madman's intentions? If they really want to blow up this big player, they might need to push the price to around $1.9, but it seems the madman's goal isn’t there at the moment.

A more likely scenario is: first, use this needle to clear out retail short positions, then re-establish short positions at higher levels, and finally trigger a sharp decline. Overall, the current position suggests a higher probability of sideways trading and fee collection. Stay alert for any unusual large fund inflows or outflows.