The market has fallen so much these days that it has made people a bit numb.

Bitcoin directly smashed through the $86k mark, hitting a low of 85360, and it's still hovering around there. After several days of falling, the old players in the circle are not surprised at all—if it falls, it falls; they are already deep in the game, so what difference does it make if it falls further? The worst that can happen is to wait for another four-year cycle, and it will be like a good man again.😅

It sounds quite magical. The price of BTC has now returned to the levels it was at in April. A few months ago, everyone was celebrating, thinking that a bull market was coming, and now there's just a mess left. Looking back at the historical candlestick chart, we can see that after surging to a high of $126,000 in early October, the trend started to turn downward. At that time, market sentiment was high, with voices everywhere calling for a breakthrough of $150,000 and $200,000, but the cold water came unexpectedly. Now, the 85k position is not a solid bottom, and it wouldn't be surprising if it continues to probe downward.

With BTC and ETH falling like this, those other flashy plays naturally have no sustainability either.

I have two friends who started playing that popular Alpha project in mid-October, starting with 1200U. They worked hard for a month and a half, received three airdrops, and now there is only 800U left in their account. After all this hard work, they ended up losing 400U, so they decided to stop playing. In fact, most people have indeed made some small profits on Alpha, but many have also lost money - they got stuck while trading, and the value of the airdrops they received was too low, probably due to incorrect strategies or not timing it right.

For those people who participate in on-chain IPOs and grab airdrops, life isn't easy either. Some can lose 50% of their principal during the IPO, while others have interacted with projects for two years but ended up not receiving any airdrops, instead losing gas fees. Then there's that buddy who kept adding to his position and going long on ETH, and now he's already at a floating loss of over 58 million dollars.

The liquidation data in the last 24 hours is even more shocking: the entire network experienced $944 million in liquidations, of which long positions accounted for $824 million and short positions only $120 million.

It seems like everyone is losing money. So who is actually making a profit?