$BTC Analysis of the reasons for the evening plunge:

The low performance of the US employment market data was an important trigger for the plunge. The market had generally expected the Fed to start a rate cut cycle in the first half of 2025, but the reality was far more complicated than expected. The job market is resilient, and the Fed may have to maintain a high interest rate environment for a longer period of time.

In this context, the chain reaction caused by the market adjustment is particularly worthy of attention. Any negative news may trigger a stampede-like decline, causing further market turmoil.

What is more worthy of vigilance is that on-chain data analysis shows that the leverage ratio of the market is close to the level at the peak of the bull market in 2021. This high-leverage environment greatly increases the fragility of the market. Once the market fluctuates, investors may withdraw quickly, leading to a sharp drop in prices and the spread of a wave of liquidation.

In short, the high risks and uncertainties of the market have reappeared, avoiding blind following and excessive speculation.