The reason for Bitcoin's crash has been found: it was dragged down by the sudden and unexpected crash of U.S. stocks, possibly triggered by high-leverage ETFs and AI uncertainty.

On June 25, U.S. stocks opened higher but then fell tonight. Without any major news, the Nasdaq 100 dropped 1,000 points in 27 minutes, and the S&P 500 erased $1 trillion in market cap, quickly turning from +1% to -3% after the open.
Looking back at pre-market information, U.S. PCE inflation rose to 4.1% (the highest since April 2023), coupled with Apple announcing price increases of up to 25% for Macs and iPads due to soaring AI chip costs, causing Apple's stock to drop nearly 6% in an instant and erasing $220 billion in market cap, triggering panic selling. However, these news events seem insufficient to have caused such a rapid market decline.
The Kobeissi Letter believes that the widespread high-leverage ETFs in the market, AI uncertainty, and massive crypto liquidations are the main reasons for the increased volatility, and it expects market volatility to continue.#0成本拿2股SK海力士 $BTC ‌