People who can’t tell the difference between triggers and accelerators can review this again and again, but still won’t get the key point—this leg down: if either the macro side or the high-leverage side is missing, you can’t smash out this kind of depth.

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.