Looking at the one-hour liquidity distribution, the previous judgment is still reliable. In the short term, liquidity can indeed guide our trading direction. This wave of sharp decline directly hit the liquidity zone at 88, and it has really arrived.

But honestly, the current situation is a bit complicated. It is expected to meet around 92,000 tonight. Noticing that there is a sizable order hanging just above at 92,000, which is a pressure level that cannot be ignored.

Key observation: The spot market on the US side is rapidly surging, with movements faster than expected. Even more interesting is that the convergence speed of negative premium is very quick, indicating that market participants have a fairly consistent perception of the price direction. These signals are worth paying attention to.