Mountain Peak: The biggest narrative shift in the market comes from Strategy (formerly MicroStrategy). As the largest corporate buyer (holding approximately 847k BTC), its recent purchase was only 520 BTC (the smallest weekly purchase in 18 months), and its stock price fell to its lowest since February 2024. The market is beginning to question whether its "debt-to-buy-BTC" flywheel model can be sustained. At the same time, a large number of retail investors who entered at high prices are now in a loss position, with extremely low willingness to add positions, and their attention has shifted to AI concept stocks.

⚙️ Leverage Chain Liquidations: Cascading Closures Amplify the Downward Spiral

High leverage in the derivatives market has become an "amplifier" of the decline. After a total of approximately $850 million in crypto long positions were forcibly liquidated, nearly 180k people in the crypto circle were liquidated in the past 24 hours, totaling $984 million. After the price broke through $60k, sustained long liquidations were triggered around $59k, with passive selling accelerating the drop. In addition, the quarterly expiry of approximately $10 billion in Bitcoin options this Friday has also amplified market volatility.#美国5月PCE通胀升至4.1%创三年新高