#数字资产市场观察 Recently, I looked at a set of derivation platform data, and to be honest, it was a bit scary.

What is the current state of the market? Lighter stands out with growth, Hyperliquid has plummeted nearly by half in seven days, while other platforms? The decline is basically starting from double digits. What logic is hidden behind this set of comparative data?

**Liquidity is accelerating concentration**

Funds now only recognize one standard: trading depth. Why? Because the TVL of small platforms is too thin. A platform like Pacifica, with over 40 million TVL, can easily create a pit with just a few large orders. What are users afraid of? They are afraid of price spikes and being left with no one to take over after liquidation. Therefore, all the money flows to leading platforms, and once this trend is formed, it becomes a snowball effect.

**Technical rebound? Don't think too much**

Hyperliquid has dropped this much, and some are starting to shout "ultra-dip rebound." But if you look at the fundamentals - funds are withdrawing, and open contracts are shrinking. In this situation, talking about a rebound? The risk-reward ratio is fundamentally unequal. In a bear market, the platform data collapses, and once the trend is confirmed, it's hard to reverse. Today’s drop of 56% is not the bottom; it could continue to be halved tomorrow.

**What will happen next?**

Three words: more extreme. Leading platforms will continue to siphon liquidity, while mid-tier platforms will either be acquired or face issues. Historical experience tells us that during such times, there will always be platforms that suddenly announce "system maintenance," and then there is no further development.

So the current strategy is very simple:

Shrink the front line. Operate only on platforms where both TVL and trading volume are stable; those small platforms that give points and airdrops? Just take a look, don't invest real money. In a bear market, it's not about who makes the most profit, but who steps on fewer mines.

Cash flow is more important than anything. Once this round of reshuffling is over, the chips will naturally become cheaper. What’s the rush?

$ETH