Why the sharp decline?

1. Fed rate hike expectations cool down
Fed officials signal: inflation is still high, don’t expect to cut rates urgently! Market predicts only a 40% chance of rate cut in December. Under high interest rates, high-risk assets like Bitcoin are the first to be abandoned.

2. Tech stocks crash dragging down cryptocurrencies
US tech giants plummet across the board: Nvidia, Amazon, Tesla all drop over 2%. Samsung Electronics in South Korea drops over 4%, SK Hynix falls over 8%. Safe-haven sentiment spreads, cryptocurrencies fall accordingly.

3. "Whales"疯狂抛售
Crypto bigwigs have sold over $20 billion worth of assets since September. This is the reality: when the big guys are eating meat, you’re watching; when they’re selling, you’re buying the dip.

4. Institutional funds withdraw
Bitcoin ETF funds are flowing out wildly, with about $4 billion outflows since November. Former support forces are fleeing, buying pressure is weak.

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