The price of BTC and ETH has fallen sharply recently, and the market is in chaos. Within 24 hours, 85,678 people were liquidated, with a loss of up to $315 million! Funds flowed into May, but BTC still fell. The market is worried that May's coins may be seized, and there are changes in liquidity. The scale of overnight reverse repurchase has increased, and the SOFR interest rate has rebounded. The total net outflow of Ethereum ETF has been close to $112 million, the supply of Ethereum has increased, and L2 has eaten into transaction fees. The tokens that May may be seized have increased market concerns. Although May has released a signal of interest rate cuts, there have been disturbances in the money market, the scale of overnight reverse repurchase has rebounded, and the SOFR interest rate has risen. Analysts believe that this may be a month-end factor and the impact will not last long. The market value of the world's largest stablecoin USDT has fallen, restricting the rise in BTC prices. Liquidity is crucial to the market, but the conditions are not yet met. I hope the market can return to stability as soon as possible.