Last night's volatility indeed disrupted the rhythm of many short-term bulls. Recent overall trading has been focused on defense and counterattack. Because spot positions are controlled at reasonable levels and mainly concentrated in mainstream assets and top projects with strong ecological support, last night's late-night plunge, although resulting in unrealized losses, did not reach the long-term cost line of the spot holdings. On the futures side, strict stop-loss and light position strategies helped avoid this wave of liquidation. Always maintain reverence for the market; keeping sufficient liquidity is key to surviving in extreme market conditions.