**The Truth Behind the Big Dump Overnight: It's Not a Conspiracy, It's a Domino Effect**

Woke up to find your account liquidated? Don't rush to blame the market makers. This market crash actually has a very clear logical chain.

**Starting with the Bank of Japan.**
Sudden interest rate hike, the two-year Treasury yield breaks 1%. Sounds far away? In fact, it directly cuts off the lifeblood of global capital. In the past few years, a large number of institutions have been crazily borrowing yen (almost at zero cost), and then dumping it into US stocks, precious metals, and the crypto market for arbitrage. Now that costs have skyrocketed, this money must be withdrawn. Risk assets are the first to suffer.

**Then the stampede began:**
Bitcoin first fell below the key support level → triggered a large number of programmed stop-losses → high leverage positions concentrated in a big dump → bulls panic and flee.
This is not some mysterious manipulation. It is a textbook collapse of "macro variables + leverage catalysis". The market is never random; it's just that most people do not understand the causes and consequences.

**The Federal Reserve hasn't been quiet either.**
Although the rumors of Powell's resignation are unlikely, the market is already trading on a "Trumpified Federal Reserve": more aggressive rate cuts and looser policies. Once confirmed, the global asset pricing system will have to be rewritten. There is pressure on the dollar to depreciate, inflation expectations are warming up, and safe-haven assets are in a frenzy... Large funds have already moved: silver hitting new highs, mining stocks hitting the daily limit, and gold ETFs being snapped up.

**How does the technical aspect look?**
The Ethereum four-hour level downtrend is not over yet. If the rebound cannot surpass the 2850-2900 range, the bearish structure remains intact. Long positions should exit when necessary; don't hold onto them as a matter of faith.

**To be honest:**
Cheap yen is the tide, high leverage is swimming naked. When the tide goes out, those who swim naked will naturally be exposed. Only when the leverage breaks do you understand what it means to respect the market.

In this round of chain liquidations, some have been liquidated and left the market, while others have taken profits early. Which side are you on?

(The above content is based on publicly available market information and does not constitute investment advice. Trading involves risks, and decisions should be made independently.)