Why did Bitcoin have a big wave last night?
It's actually still a liquidity issue. As mentioned before, the driving force behind the recent surge to 85,000 was the influx of hot money from web2. Although the amount was not large, the caution in web3 made this liquidity appear scarce.
Last night, U.S. Treasury bonds rose, and the three major U.S. stock indices increased, attracting some hot money back. After 4:00, there was a wave of stock sell-offs, but after 7:00, the losses began to be recovered. The U.S. economic data is not looking good, and there is no ongoing strong reason for U.S. stocks. This portion of hot money is too small to have a substantial impact on Bitcoin.
