#美国非农就业数据未达市场预期 Let's talk about this recent wave of decline. The speed is indeed a bit terrifying. Breaking it down, the underlying logic isn't that complicated.

First, risk aversion is at play. When US economic data fluctuates, global funds tend to flow into "safe havens" like government bonds and gold, which naturally diminishes the appeal of crypto assets. Following that are the actions of on-chain whales—once large holders start reducing their positions, retail investors tend to follow suit and sell off, causing prices to plummet uncontrollably.

Interestingly, traditional safe-haven assets like silver and gold are actually rising quite sharply, further diverting market funds. At the same time, news of frequent hacking incidents has also heightened market anxiety.

To put it simply, this market is still a game of emotions. When new capital dries up and the market relies solely on leverage and expectations, the entire structure becomes extremely fragile. The current situation is like a roller coaster suddenly losing speed—descending rapidly, but it's hard to say when it will stabilize.