#美联储恢复降息进程 Last night's fall in the US stock market probably left the people in the crypto world feeling doomed. The three major indices had just risen for five consecutive days before turning downwards, and as a result, Bitcoin directly collapsed by over 8%, briefly falling below $84,000. Even worse, more than 270,000 people across the network got liquidated within 24 hours—this scene is quite shocking.

To be honest, many people may wonder: the stock market falls, so what? Why does the crypto world get hurt so badly? This matter needs to be clarified from three levels.

**Layer One: The root cause is actually the same**

Don't just focus on the US stock market and coin prices. The real trouble comes from the Bank of Japan — they suddenly released an unexpectedly strong interest rate hike signal. It's important to know that Japan has long been one of the "faucets" of global liquidity, and once the signs of this policy shift emerged, the global bond market was instantly affected, and government bond yields soared. All high-risk assets that rely on a loose environment now have to recalculate.

**Layer Two: Money Runs with a Sequence**

The macro environment has changed drastically, and the withdrawal of funds follows a sequence. This time it is clear: "Japanese bonds collapse → cryptocurrency crashes → US stocks follow suit." Why does cryptocurrency lead the way? Because of its high volatility, funds want to escape at the first opportunity. And with such a sharp decline, the panic sentiment in the market immediately spreads to the stock market, with technology stocks and other high-valuation sectors being the hardest hit. Some strategists have pointed out that the short-term correlation between crypto assets and the stock market has become the norm.

**Layer Three: Bitcoin is no longer a "lone wolf"**

In simple terms, mainstream cryptocurrencies are now being treated as a cutting-edge risk asset by institutional investors. When the market worries about tightening liquidity (you can see the surge in government bond yields), money will withdraw simultaneously from the stock market and the crypto world as risk aversion rises. Moreover, the extreme volatility in the crypto world itself has also become an emotional indicator— the sharper it falls, the more confidence stock market investors lose.

So this wave of fall, on the surface, seems like everyone is falling individually, but in reality, the logic behind it has long been twisted into a single rope.