Are there friends watching the market late at night? Seeing the screen full of green, is your position in hand holding tightly, even starting to doubt if you've been duped? Don't worry! As a veteran player who has been in the crypto market for eight years, I must say something heartfelt today: this round of correction is not the problem of the crypto circle itself. The real behind-the-scenes culprit is the US Federal Government, which has been halted for 37 days and is setting new historical records!

Some might wonder: does it matter whether the US government opens its doors or not, and how does that relate to my holdings? This has to do with the flow of "money." To put it simply, the two parties are arguing fiercely over the budget bill. The government has no funds to keep running, and the Treasury can only act as a "pump"—in the past two months, it has withdrawn nearly 700 billion USD in emergency funds from the market.

What does this scale mean? For example, it’s like your local supermarket suddenly clearing out all its shelves—everyone holding membership cards has nowhere to spend. The bank’s available funds are drained, and the liquidity across the entire market instantly hits rock bottom. The Federal Reserve’s bank reserves have fallen to their lowest since 2021. Even more critically, borrowing costs are soaring—overnight secured financing rates jump by 22 basis points, even exceeding the Federal Reserve’s set benchmark interest rate. It’s like the central bank just injected a little liquidity into the market, and then the Treasury quickly pulls out a big bucket—wasting all that effort!

In such an environment, the market becomes extremely fragile. Don’t talk about any substantial negative news; even if a big investor casually says “be careful,” funds can immediately retreat in fear. That’s why recent US stocks and cryptocurrencies are plunging together—not because our coins have problems, but because the entire market’s money flow is constricted.