The recent market surge has indeed been intense. Bitcoin suddenly dropped to $65,000, causing panic across the entire community. Many immediately started looking for black swan events, but honestly, this sharp decline doesn't seem so random.

A closer look at the data reveals that two forces are at play simultaneously. On one side, the US debt market is aggressively siphoning liquidity, and on the other side, the Federal Reserve's stance has suddenly shifted, causing market liquidity to tighten instantly.

What's even more heartbreaking? Risk assets and safe-haven assets are falling together. This kind of situation usually only occurs during systemic liquidity crises, serving as a warning signal.

Let's start with the US debt market. The US Treasury recently auctioned $16 billion worth of 20-year bonds, with a bid-to-cover ratio of only 2.46, the lowest since February. What does this indicate? Global capital's enthusiasm for US bonds has clearly cooled. To attract buyers, the US government had to raise the winning yield to 5.047%.

Why does a bond auction directly impact Bitcoin? The logic is quite straightforward—once a large amount of capital flows into the bond market, liquidity in other asset classes is naturally squeezed out. Especially under such loose monetary conditions, capital shifts rapidly. As a risk asset, the crypto market is the first to be hit. This is not a coincidence but a market re-pricing of risk premiums.