After experiencing the terrifying night of "10.11", confidence in the crypto market has plummeted to freezing point. Although long positions have attempted to organize counterattacks multiple times during the bottoming process, they ultimately collapsed repeatedly due to weak buying power, causing the market to fall into a state of anxiety. It is worth noting that while the crypto market has been weak and volatile, the US stock market, A-shares, and commodities have overall maintained strong rises. This stark contrast has further intensified market concerns about the deeper and broader impacts that the "10.11" crash may bring. Unlike the LUNA crash, which mainly impacted institutions and triggered a wave of systemic liquidation, the "10.11" crash appears to be more of a structural cleanup targeting leveraged retail investors. The group heavily affected consists largely of small and medium investors who used high leverage to go long on alts and participated in circular loan arbitrage, effectively isolating the risk within the speculative realm of retail investors without spreading to institutional levels or triggering systemic credit collapse and comprehensive liquidity tightening. However, due to the generally low leverage of the liquidated altcoin positions, the $40 billion in liquidations resulted in abnormally heavy actual losses. This "uprooting" style of market clearance not only caused a severe wealth destruction effect but also significantly weakened the market's short-term purchasing power, leading to a prolonged period of market consolidation. Although "1#CPI数据来袭 bsv$BTC ".