A big dump in the early morning of #美联储恢复降息进程 kept many people watching the market all night until dawn.

In the past few days, various claims have been flying around in the market—such as internal conflicts within the Federal Reserve, policies being politically hijacked, and a major reversal in interest rate cut expectations... It sounds dramatic, but to be honest, most of it is an over-interpretation. What we should really pay attention to are the harsh realities that have already occurred.

First, let's look at the data: within 24 hours, nearly 270,000 traders' positions were liquidated globally, evaporating almost 1 billion USD. This is not a drill; it's a hard lesson in real money. Meanwhile, some deep-pocket players started to pile on leverage to short — they pressed the short button at the market's most euphoric moment, while those retail investors chasing the rise became the best targets for liquidation.

The more subtle issue is the expectation of interest rate cuts. Not long ago, the market was full of confidence, but now the betting probability has been directly halved. Every subtle statement from the policy side will be dissected and priced by large funds, while ordinary investors often realize it too late, and by the time they react, their positions have already exploded.

If you are still in the market now, be sure to remember these points:

**First, leverage must be reduced.** Volatility acts as an amplifier; if you can't withstand a sharp spike, all the previous gains will be in vain.
**Second, listen less to stories and look more at data.** No insider information or rumors of power struggles can compare to the official decisions of the Federal Reserve and solid economic indicators.
**Third, allocate some defensive assets.** Whether it's gold or stablecoins, cash flow is more important than anything in extreme market conditions.

The biggest risk in the market is not missing out on the trend, but losing all your capital due to false information. Staying clear-headed is worth more than anything.