After 44 days, the longest government shutdown in American history has just come to an end. At the moment Trump signed, the crypto world finally caught its breath after an epic liquidity drought. Over this past month, the market experienced not a normal pullback — but a true "cleansing" big dump.

First, look at the data. The scale of liquidations in the past 44 days is equivalent to more than half a year’s worth of volume. Leverage has been repeatedly harvested, with both long and short positions being affected, and no one can escape.

ETH has suffered the most. It plummeted straight from $4355 to $3057, falling by nearly 30%. The density of on-chain forced liquidations has reached a new high since 2022. Both the derivatives market and options volatility have spiraled out of control, with contract players almost being wiped out.

Shitcoins are even more severely affected. Mainstream projects have massively fallen below their issuance prices, and many tokens' FDV has directly returned to pre-financing levels. It's not just a halving—it's that nothing below the knees is safe.

The Bitcoin concept stocks in the US stock market haven't escaped either. Several companies claiming to have "strategic reserve BTC" have seen their stock prices halved, with market values even falling below the value of the Bitcoin they hold on their books. The market is starting to question whether this "BTC-based" model is reliable.

The halt has ended, and liquidity should theoretically return. But is this a signal of recovery or a prelude to the next round of harvesting? The market has never been short of black swans, and even less of bloody chips. What do you think about the upcoming trend?