#加密领域市场回调 The political deadlock in Washington has already cost the entire financial system.

This round of government shutdown lasted 37 days, tying the record for the longest in history. The two parties in Congress are at an impasse over the fiscal budget and temporary funding bills, with neither willing to back down. Without funds being approved, government agencies can only close, but the machinery of the state cannot stop operating—the Treasury Department is forced to extract funds from the market to maintain operations.

This withdrawal amounts to nearly 700 billion USD. The liquidity in the banking system has been drained by more than half, and the Federal Reserve's bank reserves have fallen to their lowest point since early 2021. The pool of funds is shrinking, and the blood circulation of the entire market has become sluggish.

The reaction in the interest rate market is the most direct. The guaranteed overnight financing rate surged by 22 basis points in a single day, marking the largest increase in a year. The spread between this rate and the Federal Reserve's excess reserve rate has soared to the highest level since the market turmoil in March 2020. Ironically, the Federal Reserve previously attempted to alleviate the burden on the market by cutting interest rates, but the Treasury's actions directly offset the effects of the rate cuts - which is equivalent to a de facto rate hike.

The current market situation is quite fragile. With high interest rates and a tight capital environment, any slight movement could trigger capital flight. The collective pullback in the US stock and cryptocurrency markets is merely a natural manifestation of this fragility.

From an investor's perspective, this liquidity crisis triggered by political games is essentially overdrawn market confidence. As long as the political deadlock in Washington remains unresolved, the market will struggle to truly stabilize. All that can be done now is to wait for the government to reopen and resume operations, allowing funds to flow back into the market and repair this broken liquidity chain.

For the cryptocurrency market, this fluctuation reminds us that even the most decentralized assets cannot completely escape the influence of the traditional financial system. When liquidity issues arise in mainstream markets, funds tend to withdraw from risk assets, and cryptocurrencies are often the first to be affected.