The significant decline in the cryptocurrency market in recent days is the result of multiple factors working together, mainly including: an increase in global economic uncertainty, particularly the pressure on risk assets caused by Trump's 2.0 tariff policy, which, combined with the renewed cooling of expectations for interest rate cuts by the Federal Reserve due to the tariff policy, has led to a sharp tightening of market liquidity; over the past week, over $2 billion has been continuously withdrawn from the Bitcoin ETF, leading to a substantial decline in investor confidence; the vicious cycle of 'panic-selling-leverage liquidation' has exacerbated the market decline; the widespread use of high-leverage trading has forced liquidations (sales) during price declines, further amplifying the drop; in addition, recent malicious actions by various celebrities issuing coins to exploit investors have led to a decline in the enthusiasm for the ME market and accelerated capital outflow. Currently, everyone should remain cautious and avoid blindly bottom-fishing in the short term, focusing on risk aversion.