#美国终止政府关闭 The crypto market gave investors another lesson in the early morning. $BTC Suddenly plummeted at midnight Beijing time, briefly breaking through the psychological barrier of 100,000 USD. According to CoinGlass statistics, the number of liquidations across the network exceeded 140,000 within 24 hours, involving a capital scale of approximately 12.3 billion RMB. Social media was instantly flooded with anxious feelings of "Should we stop loss?"

But those familiar with market operations know that the drastic fluctuations in the crypto market are never without reason. The real driving force behind this pullback is actually hidden in the undercurrents of the traditional financial market.

The U.S. government shutdown crisis continues to escalate, with the Treasury's TGA account nearing depletion, coinciding with the launch of a large-scale U.S. debt auction. This combination has directly staged a "liquidity heist" in the market. Risk-averse funds are flooding into the bond market—after all, in an environment of increasing uncertainty, stable-yield government bonds are more attractive than the volatile crypto assets. Even more critically, the hawkish statements from Federal Reserve officials have completely dispelled the fantasy of a rate cut in December. As funds flow into the bond market for safety, high Beta assets like Bitcoin naturally face a wave of sell-offs, triggering a domino effect of Get Liquidated.

However, upon calm observation, this round of decline resembles the market's "bubble squeezing" mechanism in operation. Liquidity is like a tide; the more intense the retreat, the stronger the momentum for recovery during the rise. Once the deadlock of the U.S. government shutdown is alleviated and liquidity is injected back into the TGA account, those temporarily withdrawn funds will inevitably seek high-yield targets again, at which point the crypto market is likely to welcome a window for capital inflow.

Historical data repeatedly verifies: after each panic sell-off, those who truly make money are never the short-term players fixated on price fluctuations, but rather the long-term holders who understand the logic of capital flow. Currently, the price of $BTC is $101,985.56, with a 24-hour drop of 1.07%, and the fluctuation range is a key period for observing the flow of chips.

What we need to do now is not to chase highs and kill dips, but to wait for two clear signals: signs of capital inflow into U.S. Treasuries and policy hints of a renewed expectation for interest rate cuts. Don't panic sell and leave yourself empty, and don't blindly buy the dip during corrections - the market will leave opportunities for those who truly understand the cycles.