There haven't been many surprises in the market over the past 24 hours. On a major exchange's spot trading side, prices have been fluctuating between $0.14 and $0.15. While trading volume isn't exactly cold, it's not particularly hot either.

USDT continues to demonstrate its role as a "stablecoin," remaining locked within a narrow range of 0.998-1 USD. The derivatives market, however, is quite active, with daily trading volume surpassing $40 billion. Contract traders still seem to have plenty of enthusiasm.

But at what cost? The liquidation scene is quite grim. A total of $167 million has been liquidated globally, with longs losing nearly $90 million, and shorts not faring much better, with over $76 million wiped out. This roughly even split in liquidations is a typical scenario of long and short positions killing each other.

Mainstream coins remain the main players in liquidations—BTC and ETH, the two veteran traffic kings, still take the lion's share of the "harvest." Market sentiment has been like a roller coaster these days, with short-term direction completely unclear, and funds are repeatedly testing the waters.

The topics of stablecoin regulation and liquidity continue to heat up, and discussions about USDT's credit rating are also escalating. These factors are subtly influencing market confidence.

Currently, the market is in a low-range consolidation phase, with funds still searching for direction. Short-term contract trading requires a clear mindset; risks and opportunities are right in front of you. The key is not to be led blindly by emotions into chasing orders.