According to Wu's report, due to the sharp decline in US stocks like Nvidia and Tesla, cryptocurrencies have also undergone significant adjustments. Bitcoin has once again fallen below $100,000, with altcoins experiencing even sharper declines, leading to a pessimistic market sentiment. In terms of options data, short-term implied volatility has rebounded slightly but remains at a low level, with the market's pricing for future volatility unchanged. There have been no significant changes in options skew and futures premiums. The mainstream viewpoint on this pullback is that it is influenced by the strength of the US dollar and the decline of US stocks, with Bitcoin's long-term trend remaining unchanged and the foundation for a bull market still in place.