The main reason is: The Federal Reserve recently announced that the pace of future interest rate cuts will slow down, with only two rate cuts expected in 2025. The reduction in rate cut expectations has led to panic among investors about the uncertain market in the future, resulting in the waterfall effect.
This is also a means of clearing out some of the profit-taking, considering that BTC has risen sevenfold from its lowest point of 15476, so it is normal to clear out some profit-taking.
The profits that have been realized may lead to buying some undervalued coins, which is also a sign that altcoins are starting a bull market.