The big pie is currently stuck around $100,700, holding on. There’s still a support line at $99,000 below that, so it won't collapse anytime soon. Secondly, **the demand for hedging has directly 'laid flat'**. Previously, during the MY war, the big pie could serve as a hedging tool, but now that the storm has calmed, everyone is no longer in a panic; who is still hoarding the big pie as a 'protective talisman'? There's also a key point—**the shadow of interest rate cuts hasn't been seen**. Without the hype of interest rate cuts, the big pie has no power to push upwards. Moreover, tonight there is the **CPI data 'big test'**, which is like a 'time bomb'; funds are afraid of stepping on landmines and are understandably withdrawing to observe. Finally, it depends on whether **US stock market funds will come to the rescue**. If US stocks rise and there's nowhere for the money to go, it might flow into the big pie market. But let's not forget, the big pie is also considered a high-risk asset; whether it can actually attract investment remains to be seen! Overall, this wave of decline in the big pie hasn't really hit any fatal negative news.