Some believe that this wave of decline is due to macro factors, while others think it's for liquidation!

In fact, both are not contradictory; the disagreement essentially lies in the inability to distinguish between the triggers, active sell-offs, and passive liquidations.

My view: macro factors are the fuse for the decline, causing the U.S. stock market and the crypto space to weaken simultaneously; after the price drops, it triggers a chain of liquidations, with liquidation selling pressure continuing to push prices down, further weakening the market, forming a negative feedback loop.

Cause: macro data/monetary policy changes → major institutions actively reduce positions and sell
Process (market booster): price drops → leveraged & derivative positions are passively forced to liquidate → accelerates short-term sharp decline

Without macro negative news, major players can't single-handedly crash the entire cross-asset market into a synchronized plunge;
Without high leverage in the on-exchange market, macro negative news mostly results in minor pullbacks, making a collapse-style rapid decline unlikely.

The root of the dilemma is just a deepened understanding through review; in fact, over-obsessing over attributing rises and falls has limited practical help for trading implementation.