The drop in the early hours of tonight left many people feeling confused. The core reason is that during the liquidity tightening phase, the market was once again 'bled dry'. There are two main reasons for this:

1. The fundamental reason is the liquidity issue. The government is not opening up, and the TGA account is not waterproof, leading to tightening liquidity in the financial market. Although the Federal Reserve is trying to provide liquidity to banks, today it was still bled dry by the bond market to the tune of over 170 billion...

2. The speech by Federal Reserve Governor Goolsbee continues to maintain a hawkish stance on interest rates, reducing the probability of a rate cut in December...

These two reasons, one fundamental and one a trigger, combined, have led to risk assets being suppressed, especially #Bitcoin, which has seen a noticeable drop. It is indeed quite difficult to endure at this time, and it's no wonder that everyone in the market is shouting 'bear'.