#美联储重启降息步伐 This round of crash came much fiercer than expected. Bitcoin plunged directly from its peak by over $40,000, breaking below $81,000, with its annual gains almost wiped out. The entire crypto market evaporated $350 billion in market cap in just one day.

What happened to the supposed benefits of rate cuts? Now it seems to have become the last straw that broke the camel's back. The market had already priced in another 25 basis point cut in December weeks ago, and when the moment finally arrived, institutions began cashing out like crazy. Bitcoin ETFs from major players like BlackRock have seen net outflows for several days in a row—this signal couldn't be clearer.

Even worse, leveraged trades were massively liquidated. More than 1.6 million accounts were force-liquidated, with wave after wave of selling pressure, creating a death spiral of "sell-off—liquidation—further sell-off." On top of that, regulatory uncertainty is rising again, global tensions aren’t easing up, and panic is spreading like a virus.

People thought loose liquidity would prop up the market, but instead, it popped the bubble. This correction has fully exposed just how fragile crypto assets are in the face of capital flows—when the money comes in, prices skyrocket, but when it leaves, the crash is worse than anywhere else. $BTC $ETH At this point, we really have to see how institutions respond next.