At three o'clock in the morning, my phone vibrated incessantly. In a daze, I swiped open the screen—the panic-inducing green numbers on the market page completely jolted me awake. Mainstream Tokens seemed to be collectively plummeting, and even the tech zone of the US stock market wasn't spared. The comments section had turned into a chaotic mess: "Is it still time to play people for suckers?" "Is the Bear Market really coming?".

Don't panic, first move your hand away from the sell button. After being in this circle for a few years, I've seen this kind of scene many times. Today, let's break down the real reason behind this round of Plummet, and also talk about how to find opportunities in a chaotic market - after reading this, you'll know that it's not that mysterious.

**Where has the money gone? Two heavy blows landed**

This wave of decline looks terrifying, but in reality, it is just a chain reaction of "liquidity exhaustion" meeting "failed expectations," completely unrelated to the so-called "industry apocalypse."

**First Punch: The U.S. Treasury Becomes a Money-Sucking Black Hole**

Recently, the operations of the U.S. Treasury can be described as textbook-level "play people for suckers"—on one hand, tightly controlling spending, and on the other, issuing $163 billion in Treasury bond auctions. This move is equivalent to setting up a super pump in the market, visibly draining the water levels from pools of capital like the stock market and the coin circle, all siphoned off into the bond market.

For example: imagine the market as a fish pond, with funds being the water. Now that the water level has plummeted, the asset prices that rely on funds are like oxygen-deprived fish starting to flip over? High-risk assets like cryptocurrencies are the first to suffer; when the sell-off comes crashing down and no one is there to catch it, the price naturally spirals downwards; when the active money in the market sees the signs are not right, they scatter and run, instantly plunging the whole market from summer into winter. This round of decline is not due to the quality of the assets, but purely a result of being "droughted" out.

**Second Punch: The Dream of Interest Rate Cuts is Doused by the Federal Reserve**

Not long ago, the market was betting that the Federal Reserve would cut interest rates in December, and the anticipation was like waiting for a heavenly shower. As a result...