As soon as you open your eyes in the morning, the market chart gives you a big slap.

Last week, BTC was still celebrating the "97,000 USD level," but it quickly dropped below 92,000 USD. The decline itself wasn't huge, but what was truly frightening was the speed—within just a few hours, BTC briefly broke below 92,000, ETH was forced from 3,200 USD downwards, and SOL quickly rebounded from over 140 to around 133.

Data speaks the loudest. According to Coinglass's liquidation leaderboard, in just the past 4 hours, the total liquidations across the network soared to around 593 million USD, mostly long positions being wiped out. Nearly 238,400 traders were liquidated in 24 hours. This isn't a mild correction; it's a collective market panic—shifting instantly from "continue pushing higher" to "reduce risk first."

So, where is the trigger? Rather than a specific project having issues, it's more about macro expectations being disrupted once again.

First, the sudden change in the Federal Reserve Chair competition. Previously, the market bet on the "dovish" White House economic advisor Kevin Hasset, but rumors suddenly emerged that he might withdraw. Meanwhile, former Fed Governor Kevin Waugh, widely seen as "more hawkish," saw his odds in the prediction markets spike to nearly 60%. Even before policies are implemented, this uncertainty alone is enough to cause the market to reevaluate collectively.

This is the core—macro and regulatory uncertainties stacking up, triggering a risk re-pricing. Leverage is being unwound, positions are being reduced, traders are recalculating, but this is definitely not a fundamental breakdown of the underlying. Market sentiment swings like a pendulum, rapidly shifting from "bullish" to "preserve capital first." Once this wave of uncertainty is digested, the market may very well change its stance again.