#ETH fell 10%, #BTC fell 5%, what is happening in the market?

Conclusion first: it’s not due to news, nor institutional sell-offs, it's entirely due to “panic outflows”.

🅰️ Panic Level One: Concerns about Economic Outlook

Trump's “reciprocal tariff” policy focuses on negotiating tariffs to sift through global economic relations and rebuild a community of American interests. In simple terms, the days of globalization benefits are basically over, and 80% of emerging market countries may not be able to continue enjoying the past advantages. The result could be a fragmented, stagnant, or even regressing global economy.

🅱️ Panic Level Two: Stock Market Drain + BTC Decline Expectations

The first wave of decline last night occurred around 9 PM (golden time in the East Eight Zone), with a slight downward trend in the market, followed by a drop in US stocks at 1 AM. There are two reasons: first, after a significant drop in US stocks, some funds are preparing to enter the market to buy the dip. Second, there is a general expectation in the market for Bitcoin to “catch up” with the declines; once a consensus is formed, the market will truly head in that direction.

🆎 Panic Level Three: Trump and Musk Stepping Down

Recently, there have been more and more protests against Trump in the US, with protests occurring in nearly all 50 states, and Tesla showrooms have also been vandalized. For the crypto world, if Trump and Musk really step down, it would be a huge blow, practically a disaster.