About the decline 1/ Teacher Da's put call and VIX - On the 10th, I saw Teacher Da @octopusycc looking at his phone and telling everyone that the "put call" was wrong, leading to a market waterfall an hour later. Besides learning from MM's great article, there are two other indicators: 1) "put wall" - a value wall constructed by market makers and retail investors, which shows where multi-period puts are located and which positions have built a massive liquidity area. By the end of October, the call wall and put wall were roughly at 125,000 and 110,000, but the amount is currently around 500 million USD, while this number was 3 billion USD before the market crash. 2) VIX - Volatility Index, generally speaking, the larger the VIX, the greater the volatility and panic, and on October 8, Teacher Da pointed out that VIX positions had tripled. To learn about prior indicators, I have joined Teacher Da's camp and explored CoinGlass's products, which are very impressive. @AlbertCoinGlass 2/ Reflecting on a few days ago, when I saw the news about 200 million in short positions, my first reaction was that I seemed to lack enough information to make a judgment on the market, so I decided to wait. In the future, I will maintain absolute respect for the large insider traders appearing in the hyperliquid and polymarket. 3/ Is MM's setback making the altcoin season more difficult? Just looking at the perception of the rebound, BNB has further ascended to the mainstream, while some public chain altcoins are still catching up, except for privacy coins. 4/ ENA and LUNA. Personally, I believe ENA is not equal to LUNA: UST was attacked by liquidity on-chain, while USDe was de-pegged due to liquidation in the loop. Using LUNA as collateral is the original sin; theoretically, ENA's situation could happen with any decentralized stablecoin, serving as a warning for yield products and Cedefi. 5/ Is the prediction market a middle ground between spot and futures? @forrest mentioned that one can play the prediction market without taking futures, which indeed has larger odds and avoids liquidation. However, if one bets on an event without a spot reference, I don't know how to hedge... Seeking methods to break even.