Recently, the crypto asset market has experienced a big dump, with a market value evaporating over $325 billion. This round of decline is due to multiple factors, including the Bybit hack, Ethereum weakness, traditional stock market volatility, and decreased market liquidity. The cooling of the Solana and memecoin markets has further intensified market pressure. Meanwhile, Citadel Securities' entry has not brought positive effects, and SBF's return to the X platform has also unsettled investors. Although there has been a significant short-term pullback in the market, technical adjustments do not necessarily mean the arrival of a long-term bear market. The future market trend still depends on the recovery of liquidity and investor confidence.