#市场下跌与合约风险 Seeing the announcement from Bit.com, a familiar wave of emotion arose in my heart. This is not the first time; from Mt.Gox to QuadrigaCX, and then to FTX, each collapse of an exchange repeats the same story—asset migration, orderly liquidation, and a time window.

During the 2017 bull market, many chased highs in contracts to the peak, only to face exchange risks before realizing profits. At that time, we thought we had learned our lesson, but ten years later, the echoes of history still resonate. Bit.com stopped opening new contracts, spot trading continued until the end of January, and asset migration extended to the end of March—this schedule, to some extent, is a way of managing liquidity crises during downward risk.

What is truly worth reflecting on is that the market decline itself is not the problem; the problem lies in the leverage and risk compounded by the decline. When prices fall, contract holders face not only paper losses but also capital difficulties under the platform’s liquidation logic. That’s why business contraction often accompanies risk release in the contract market—platforms are preparing in advance.

For those still holding positions, what does this time window mean? A clear schedule can actually be an opportunity. Don’t wait until the last moment to act, and don’t bet that the platform will persist until the deadline. History shows us that liquidations always come faster than expected.