Influenced by the continuation of high overseas interest rates and the decline in U.S. stock market risks, Bitcoin's price is gradually approaching $38,000. U.S. stock ETFs continue to experience large-scale redemptions, institutional funds are withdrawing from the crypto sector, and combined with market panic selling, short-term pressure is evident. From a cyclical perspective, this round of correction aligns with the deep adjustment characteristic after a historical bull market, with $38,000 being a key technical support level. Virtual currencies lack physical backing and are highly speculative in price, with extremely high volatility risk.