We haven't figured out who is the butcher and who is the fish in the crypto world, and under that premise, technology + theory are all just illusions.
The zero-sum game market is nothing more than one person's money going into another person's pocket. Whether it's a bull market or a bear market, this essence doesn't change.
Because the number of interest rate cuts next year has been reduced, the monetary easing is not in line with expectations, meaning that the Federal Reserve's future interest rates are still high. As a result, money has flowed from various countries, stock markets, and the crypto world into the US dollar, causing the dollar index to soar, while liquidity in the crypto world has dried up. When the valve is opened here, the water flow at the end of the pipe has actually decreased, which can only indicate that there is a leak somewhere in the middle of the pipeline. Additionally, many institutions led by Meitu, Sun Yuchen, and others have sold off as the year-end approaches, waiting to buy the dip. At this point, there will be insufficient liquidity, leading to severe panic selling.