The Behind-the-Scenes of the Triple Sell-Off: Liquidity Is the Real Driver

Gold, silver, US stocks, and cryptocurrencies are all weakening simultaneously, indicating that the issue isn't confined to a single market but lies at the capital level. When the market faces uncertain expectations about interest rates, inflation, or geopolitical situations, the first reaction of funds is to reduce risk, not to choose a direction.
Many people wonder: Isn't gold a safe-haven asset? Why is it also falling? The answer is quite straightforward—under the margin system, gold is often used as a liquidity source. When other assets lose value, funds will sell gold to cover positions, which is called a "passive sell-off correction."
Additionally, quantitative and CTA strategies tend to increase positions in line with trend formation, amplifying volatility. These funds are emotionless and rely solely on models; once thresholds are triggered, they execute trades, leading to accelerated declines.
What truly drives this round of market movement is likely the global funds simultaneously deleveraging, rather than any specific news event. Macro instability makes risk assets hard to stabilize; without a liquidity rebound, rebounds are mostly short-lived.
The core logic in one sentence:
Assets are falling because, at their core, money is withdrawing. #当前行情抄底还是观望？