Recently, behind this wave of pullback, there are actually three hidden forces at work.

First, let's look at the financial aspect. The Federal Reserve's expectation of interest rate cuts was already unrealistic, and now Japan has started to signal rate hikes. Tech stocks are still wildly draining resources — liquidity is already tight, and the crypto market can't hold the line at all. What's more critical is that Bitcoin ETFs are experiencing continuous net outflows, the rating of USDT has been downgraded, and regulatory actions are becoming more frequent. With multiple negative factors stacking up, market sentiment has completely collapsed.

The technical outlook is even more severe. The perpetual contract open interest has piled up to over 12 billion USD, with an outrageous leverage ratio. Once it breaks the key level, a chain reaction of liquidations will be triggered—over 500 million USD evaporated within 24 hours, and this kind of sell-off simply cannot stop.

Looking ahead, the $80,000 defense line must be maintained; otherwise, we will have to continue searching for a bottom. In the short term, don't expect any decent rebound before the combination of institutional wait-and-see + regulatory pressure is lifted.