#加密市场回调 The US SEC is reported to be drafting new regulations for cryptocurrency asset custody, requiring institutions holding BTC to reserve 200% in collateral, which has directly scared off Wall Street funds.

Miners' collective rebellion: Bitcoin's hash rate plummeted 15% in three days, and miners are starting to sell BTC for cash flow. On-chain data shows that a certain whale address transferred out 5,000 BTC within 24 hours.

Traditional market implications: Last night, US tech stocks collapsed, with the Nasdaq index down 3%, and funds completely withdrawing from risk assets, making the crypto market the "first flood outlet".