In the last 24 hours, the global cryptocurrency market has experienced significant volatility, with approximately $566 million in value being liquidated. Among them, the Ethereum (ETH) market was particularly intense, with a single largest liquidation amount reaching $11.52 million, occurring on the Binance platform. This situation undoubtedly puts immense pressure on many investors, especially those who bought ETH at the price level of $3844.

However, in the face of market fluctuations, it is crucial to remain calm and rational. Let's delve into the current situation and explore possible coping strategies:

Market Situation Analysis:
In the past 24 hours, approximately $10 million has been liquidated in the ETH market, with short liquidations ($7.73 million) significantly higher than long liquidations ($2.2 million). This 'long squeeze' phenomenon often indicates that the market may soon bottom out and rebound, especially considering ETH's status as a mainstream cryptocurrency. Market manipulators may be taking advantage of this panic to accumulate positions.

Response Strategy:

1. Situation of floating loss in light position:
It is recommended to adopt a patient wait-and-see strategy and consider a batch buying approach. The long-term value of ETH still exists, and $3844 is not the peak. You can buy a small amount at every 5% drop, for example at price levels like $3600 and $3400, to lower the average cost. Once the price rebounds above $3900, there will be an opportunity to gradually break even.

2. Heavy positions are trapped, approaching forced liquidation situation:
The top priority is to ensure account security. Consider reducing your position by half to lower risk. At the same time, you can open hedge short positions in other cryptocurrencies (such as Bitcoin or Solana) to prevent the account from being completely liquidated. Retaining funds is the basis for subsequent operations.

3. Cases of Forced Liquidation:
Although this is the least ideal outcome, the market is always full of opportunities. It is recommended to carefully review this experience, learn from it, and improve risk management capabilities. You may consider temporarily observing and waiting for the right market entry opportunity, while also strengthening research and learning about the market.

Regardless of the situation, it is crucial to stay rational and control emotions. The cryptocurrency market is highly volatile, and investors need to develop long-term strategies, allocate funds wisely, and keep an eye on market trends. Remember, investing is a marathon, not a sprint. Through continuous learning and adjustments, I believe every investor can find their place in this market full of opportunities and challenges.