#山寨币战略储备 This Monday, the global financial markets showed a stark contrast: U.S. stocks and gold both hit historical highs, while the cryptocurrency market experienced a significant downturn, with Bitcoin falling over 2% and Ethereum plunging 9%, leading to liquidation amounts reaching as high as $1.7 billion within 24 hours.

This obvious market divergence phenomenon essentially reflects that global liquidity is undergoing reconfiguration.
The strong performance of the gold market is mainly attributed to the realization of expectations for interest rate cuts by the Federal Reserve, as a low interest rate environment naturally increases the attractiveness of non-yielding assets like gold. At the same time, the U.S. stock market has almost exhibited a "faith-based rally" trend, with some analysts suggesting that NVIDIA's investment in OpenAI is seen by certain market participants as a positive signal of some kind of "self-reinforcing" cycle.
However, the Bitcoin market is facing the test of structural liquidity changes. The latest data shows that currently 72% of Bitcoin is in a "non-liquid" state. The market depth exhibits weak characteristics, and historical data indicates that when seller liquidity reaches 3000 BTC, the market usually experiences a significant adjustment.
What is even more concerning is that after the Federal Reserve implemented interest rate cuts, the overnight reverse repurchase rate has not only failed to decrease but has actually increased, indicating that the money market has not truly loosened. Powell's cautious tone in his speech has, for the time being, been overlooked by the stock and gold markets.
Additionally, the resilience of inflation may delay the future interest rate cut process. It is expected that next month the U.S. Consumer Price Index (CPI) may return to the 3% level, which means inflationary pressures may resurface, further affecting the performance of crypto assets market.