We haven't figured out who is the butcher and who is the fish in the crypto world, so technology + theory are all just illusions. The zero-sum game market is just money from one person's pocket to another. Whether it's a bull market or a bear market, this essence won't change.

Because the number of interest rate cuts next year has been reduced, the liquidity injection didn't meet expectations. This means that the Federal Reserve's future interest rates will still be high, causing money to flow back into the dollar from various countries, stock markets, and the crypto space, leading to a surge in the dollar index. The liquidity in the crypto market has also dried up. Here, when the valve is opened, the flow at the end of the pipe has actually decreased, which can only indicate that there is a leak somewhere in the pipeline. Plus, many institutions led by figures like Meitu and Justin Sun have been selling as the year-end approaches, waiting to buy back at lower prices. At this time, liquidity will be insufficient, leading to severe panic selling.