RiverOfPassion

## BTC Contract Trading Strategy—Wise Position Management in a High-Open-Interest Environment
Based on the comprehensive analysis of the above data, the current BTC market shows three “high” characteristics: high open interest (open interest of $60.2 billion, 472k BTC), high negative funding rates (short-side costs far exceeding the 7-day average), and high sensitivity (the price is near the resistance zone around $79,000). It is recommended to plan your positions according to the following three layers of logic:
First layer: Trade longs cautiously. Although the price appears strong on the sur

BTC Open Interest Analysis—472,000 BTC Accumulated; a Large-Scale Liquidation Is Imminent
In discussions about Bitcoin’s current market condition, open interest (OI) may be one of the most critical indicators. Data shows that the total value of BTC open contracts across the entire market is approximately $60.22 billion; in terms of quantity, futures market OI has rebounded to 472,000 BTC, reaching a recent high.
Even more concerning is that the 30-day rolling change rate of open interest has climbed to 14.5%, one of the strongest growths over the past roughly 120 days. This means that over the

ETH Liquidation Review — $65.04 Million Liquidated, ETH Awaits the $2,000 Defense Battle
In the past 24 hours, the Ethereum futures contract market saw approximately $65.04 million in positions forcibly liquidated. Combined with the data from the previous day, Ethereum’s total liquidation amount over the past 24 hours was about $84.16 million. With the distribution between longs and shorts relatively balanced, this is in sharp contrast to Bitcoin’s liquidation structure where “shorts dominate.”
The phenomenon of both longs and shorts getting liquidated reflects that Ethereum is currently in a

BTC Liquidation Review — Shorts Suffer a Crushing Blow, 110,000 People Out of the Market Overnight
Yesterday, behind Bitcoin's rebound, the futures market experienced a bloody "liquidation" storm. According to Coinglass data, in the past 24 hours, the total Bitcoin futures liquidation amount across the network reached approximately $118 million, with about 118,624,523 USD worth of positions forcibly closed.
Shorts were the main players in this "harvest." As Bitcoin rapidly surged from $76,000 to near $79,000, a typical "short squeeze" effect occurred — rising prices triggered many stop-loss or

BTC Funding Rate Deep Dive — Negative Rates Keep High, Shorts “Supporting” Longs to Move
Currently, Bitcoin’s funding rate (Funding Rate) shows a persistent negative pattern, and the magnitude cannot be ignored. Data from April 23rd shows that, on average, shorts pay $604,000 per hour to longs. While this is lower than the April 17th peak of $790,000, it is far above the 7-day average of $197,000. This means that in the derivatives market, short position holders are bearing continuously high holding costs.
Behind the high negative funding rate is a combination of large numbers of traders consi

ETH Price Trend Analysis—Is the $2,315 level oscillating to find a bottom or gathering strength for a rally?
Ethereum is currently quoted at $2,315.31, down 3.09% in the past 24 hours, and down 0.89% over the past 7 days. The trend is noticeably weaker than Bitcoin, and it is now in a consolidation range between $1,930 and $2,350.
Technical indicators reveal key signals: the weekly RSI is about 33, reaching the historical oversold threshold. In such oversold conditions, previous instances have seen significant corrective rebounds. The market fear and greed index remains in the "extreme fear" z

BTC Price Trend Analysis—How to Judge the $77,689 Bull-Bear Boundary?
As of April 23, Bitcoin’s current price is $77,689.10. It is down 0.54% over the past 24 hours, but up 4.05% over the past 7 days. Looking back at the previous day’s market, Bitcoin rebounded to around $79,000 before slipping somewhat afterward. It is currently ranging between $77,500 and $78,500.
From a technical structure perspective, $78,000 has been converted into the short-term bull-bear dividing line. If the price can stand firm at this level with rising volume, the next target will be the dense area around $80,000, th

Middle East Situation Brief | April 23
The US-Iran ceasefire has been extended again after expiration, but both sides show no signs of easing their positions. Trump unilaterally announced an extension of the ceasefire and expressed satisfaction with the maritime blockade, while Iran refused to attend negotiations and accused the US of "lying again." Passage through the Strait of Hormuz is severely restricted by a double blockade, with the US military claiming to have forced 29 ships to turn back. The Israel-Lebanon conflict continues to escalate, with Israel bombing southern Lebanon resulting

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In the next 13 years, the door will still be open
In April 2026, Gate celebrates its 13th anniversary. Dr. Han Lin appeared on the stage of the Hong Kong Web3 Festival. He said one sentence: "The crypto winter drives structural reshaping, and everything on the chain will become the new paradigm of finance."
From a student who was scammed out of $2,000 to a CEO standing at the global Web3 summit, Han Lin has walked for 13 years. During these 13 years, he did many things right and also made some mistakes. But one thing he has never wavered on — making Gate a safe, transparent place where users d

A Regular User and Gate’s 13 Years
#Gate13th Anniversary
I’m not one of Gate’s earliest employees, and I’m not Dr. Han’s friend. I’m just one of the 23 million users. But I have a number I want to share: 1314.
On my 1314th day at Gate, I happened to catch the 13th anniversary. Not by design—just a coincidence. When coincidences happen often enough, you call it fate. During these 1314 days, I’ve made money on Gate and also lost money; I’ve contacted customer service at 2 a.m. (and somehow someone actually replied); I’ve participated in dozens of activities, winning the smallest prize of 5U, and

Crossing three bull and bear cycles—what keeps us alive?
From 2013 to today, the crypto market has gone through at least three major bull-and-bear cycles: the bear market of 2014-2015, when Bitcoin fell from 1100 USD to 200 USD; the bear market of 2018-2019, when it dropped from nearly 20,000 to 3,000; the bear market of 2022-2023, when it fell from 69,000 to 16,000.
Every bear market brings down exchanges. Mt.Gox, Cryptopia, Fcoin, FTX... the list is long. But Gate has always been there.
Why? Dr. Han Lin’s answer is very simple: “Because I don’t gamble.” Gate has not taken users’ funds to do

From "94" to globalization, a forced upgrade
On September 4, 2017, China's seven government departments jointly issued an announcement to halt all token issuance and financing activities. The crypto world was shaken. Countless exchanges shut down, went overseas, or disappeared.
Gate also faced a choice: close down or leave China. Dr. Han Lin chose the latter. He renamed "BiT儿" to Gate.io, migrated servers overseas, and began global operations. It was a forced upgrade and also an active transformation.
Going overseas is not easy. Different laws, different languages, different user habits—everyt

100% Reserve Funds, Stupid but Correct
In 2020, Gate was the first to launch a 100% reserve proof among global exchanges. At that time, many people didn't understand: why prove your innocence? Don't users trust you?
Dr. Han Lin didn't explain much, directly publishing the wallet address for everyone to check. This was a very "stupid" approach at the time—publicly sharing the address meant everyone could see the platform's fund flow, including competitors. But he insisted on doing it.
Two years later, FTX collapsed, and countless users lost everything. The entire industry then started rushing t

Late-night CEO in the chat room
An old employee of Gate recalls a detail: Dr. Han Lin has a habit of appearing in user chat rooms late at night. He doesn’t speak, just watches. Watching what users complain about, ask about, or curse. Then the next day, the product team receives his feedback: “This feature users say is not good, change it.” “This withdrawal speed is slow, check it.”
A CEO doesn’t sit in the office looking at reports, but crouches in user groups listening to complaints. This habit started back in the BitC platform days. At that time, the platform was just starting, with only a f