As of now, BTC has basically fallen back to its annual rise, and ETH has incurred losses. It is now mid-November, and if the price remains at or below this level by the end of December, then the liquidity crisis for this year has effectively begun. At that point, the US stock market and A-shares cannot remain unaffected. The stablecoin and BTC ETF have thoroughly tied the Crypto Assets to the US stock market. Essentially, they are US dollar assets and move in sync with the US stock market, with even higher sensitivity to Liquidity than the US stock market. Therefore, despite the severe fall of BTC, the US stock market still needs to strengthen risk management.