The recent decline is said to be due to the U.S. Department of Justice obtaining permission to sell previously seized $6.5 billion worth of Bitcoin, and the recent drops have all occurred during U.S. trading days. I guess some people on Wall Street got the news and sold off in advance. Because in a normal market decline, it wouldn't drop without any rebound; it just fell straight down. As a result, a black swan event like this has occurred.

First, the JOLTs job openings data and the ISM non-manufacturing PMI data are both too good. Job openings indicate that the unemployment rate may decrease, leading to more job opportunities, and a PMI above expectations also suggests economic growth. The rise in these two data points indicates that the Federal Reserve is unlikely to change its pace of interest rate cuts, meaning two times or even less.

The market has significantly pushed back expectations for the Fed's first interest rate cut to June or July of this year, which means not only will there be no rate cut in January, but the March meeting is also expected to not have a rate cut—inflation expectations and Fed rate expectations are being readjusted, which is major bad news for the market.