This morning at 8 o'clock, nearly ten thousand ETH long orders of a well-known player were directly smashed through. 4,500 coins evaporated instantly, leaving only 210,000 dollars hanging in the account balance.

This has already been his I-don't-know-how-many times getting liquidated since November. What's even more absurd is that the liquidation line is just 15 dollars away. If another big bearish candlestick comes, completely getting out wouldn't be a joke.

That hour was simply a bloodbath: BTC plummeted over 5%, and altcoins all crashed. On the surface, it seemed like the fake news of "Powell resigning" was everywhere, but the real bomb was actually in Tokyo — the Bank of Japan is tightening for the first time in 17 years.

This matter should be understood this way: In the past few years, global institutions borrowed yen at zero cost, wildly buying US Treasuries, tech stocks, and BTC. Japan was like a giant free leverage pool, available for anyone to use. And now? Japan can no longer control inflation, and government bond yields have soared to the highest point since 2008. The path of arbitrage is no longer viable.

Institutions can only sell the most liquid assets to repay yen. Cryptocurrency? Of course, it's the first to be hit.

The market is still hoping for the Federal Reserve to cut interest rates in December to save the situation, but over in Japan, the tightening train has already left the station, and there's no time to hit the brakes. The wave of global deleveraging is brewing, and the crypto market is always the first card to fall.

The liquidation of that big player? To put it simply, it's the opening announcement.

Who will be the next to face liquidation? The big players? Miners? Or those "gods" who play with high leverage?