Yesterday, Bitcoin experienced a sharp decline, with the largest single-day drop nearing 9%, ultimately closing at $114,000, marking the worst single-day drop record since December 2024. This round of plummet is the result of multiple negative factors resonating together, rather than a single cause.

On the macro and policy front, pressure was applied first: In July, the Federal Reserve did not initiate interest rate cuts, but there was internal disagreement about whether to cut rates; the non-farm data released on August 1 for July was far below expectations, with only 73,000 jobs added (expected 110,000), and the unemployment rate rose to 4.2%, significantly cooling market expectations for rate cuts. Coupled with the sudden announcement of a 25% tariff increase by the Trump administration on Mexico, global risk aversion surged, leading to accelerated withdrawals from the cryptocurrency market.

Regulatory and sudden risks further impacted confidence: The SEC initiated a revision of regulatory rules for "crypto projects," raising concerns about policy tightening; the world's second-largest exchange, Bybit, was attacked by hackers, with $1.5 billion worth of Ethereum stolen, causing the market fear and greed index to drop to 28, indicating "extreme fear."

Both funds and technical aspects are also under pressure: Bitcoin's spot ETF saw a net outflow of $812 million in a single day (the second-highest in history), with Fidelity's ETF seeing an outflow of $331 million; on-chain, over 26 million long positions were liquidated, with a net inflow of 70,000 coins to exchanges, triggering programmatic stop-loss selling after falling below the key support of $115,000. Additionally, the significant drop in U.S. tech stocks and the collapse of Memecoins further amplified the decline.

In simple terms, it is caused by expectations of tightening liquidity, regulatory uncertainty, industry incidents, and technical breakdowns coming together. The market has suddenly entered a panic selling mode; although long-term compliance is a trend, in the short term, one must still be cautious of the volatility risk during the policy adjustment period. #美国加征关税 #加密市场回调 $BTC $ETH