Tonight's market is really making my heart stop.

Why did the market suddenly crash like this? To put it bluntly, it's due to two heavy blows: there's basically no chance of interest rate cuts from the Federal Reserve, and Trump is starting to stir things up again.

First, let's talk about the Federal Reserve. The probability of a rate cut in December has plummeted from the previously expected 88% to 40%—in a high interest rate environment, what good days can risk assets have? Bitcoin, as a highly volatile asset, bears the brunt.

Looking at Trump's recent actions. Trade policies are being ramped up again, with tariffs imposed on Chinese energy products, and negotiations with Venezuela have also collapsed. As soon as this kind of geopolitical uncertainty emerges, global funds immediately start looking for safe havens, and the crypto market becomes a hard-hit area.

What's worse is the funding situation. Bitcoin ETFs have seen net outflows for two consecutive weeks, and institutional funds are retreating. Retail investors who leveraged themselves are now in dire straits, with some facing liquidation and others hitting stop-losses, causing a cascading effect that has directly crashed the price.

From a technical perspective, it has completely broken down. Previously, in the range of 90k to 93k, many people thought it was going to break through 100,000 USD, but it turned out to be a classic bull trap. After the bulls were trapped, the bears gained momentum, and Bitcoin once dropped to 88k.

In this round, the entire cryptocurrency market has evaporated nearly 100 billion US dollars in 24 hours, and the fear index has skyrocketed to the "extreme fear" zone.

That said, this is not the end of the world. After all, it’s still the same old story: a combination of macro narratives and geopolitical games specifically targeting us small retail investors. Those who can withstand this wave of market manipulation may find their place in the next bull market.