#美国政府关闭 After 44 days, the longest shutdown in U.S. government history has finally come to an end. At the moment Trump signed the bill, many thought the dust had settled. But for the players in the crypto market, this was just the beginning of experiencing what is called a "domino effect."

The political tug-of-war that dragged from October 1 to November 13 appears to be a farce in Washington, but in reality, it has drained liquidity completely. The market has welcomed the harshest liquidation wave of this cycle - the scale of liquidations over a month is equivalent to that of the past six months. Longs and shorts? They don't exist; everyone is treated equally and swept out the door.

$ETH This time it's really tragic. From $4355 it plunged all the way down to $3057, a drop of over 29%. The density of on-chain liquidations has reached a level not seen since 2022. The clearing volume of derivatives and the volatility of options are both soaring, and the data is painful to look at.

As for altcoins, there's no need to mention them. It's already mild for mainstream projects to fall below their issue price, with many tokens' FDV directly reverting to their valuations before financing. The entire sector has been cut in half from the start, and there are quite a few that have gone to zero.

Even more magical are those "Bitcoin hoarding companies" listed on the US stock market—cut in half in market value is not enough; some companies' stock prices have already fallen below the actual value of $BTC on their books. This kind of "telling stories with Bitcoin" business model is facing such a significant valuation crisis for the first time.

Once liquidity tightens, no one can think of being exempt. Whether it's $SOL or other mainstream coins, this round has served as a lesson for everyone.