When I woke up today, I saw news about a lot of whales being liquidated after the crash. The cryptocurrency market fell by as much as $520 billion from August 2 to August 5. I have sorted out the main reasons for the "Black Monday" conspiracy: the main reason is that the Bank of Japan raised the benchmark interest rate; the weak US employment data; Jump sold ETH; the escalation of political conflicts between Iran and Israel; seasonal declines, etc. According to relevant articles, the Japanese government is participating in a $20 trillion carry trade, which may bring the Bank of Japan to an end, may bring serious financial stability risks, and even the potential risk of the collapse of the yen.