I completely agree with what Brother Wu said. To add a bit more, one of the reasons for the changes on Monday is that CME operates in the Asian time zone. Asian institutions will assess the Greenland tariffs that occurred over the weekend while they are at work. If they believe it will cause panic in the risk markets, they will act in advance. Therefore, we can see that even though the U.S. stock market is closed, CME futures still dropped by 1%, which more reflects the views of Asian investors on the Greenland tariffs.

Interestingly, by Monday night, although the U.S. stock market was closed, the price of $BTC hardly fluctuated during U.S. trading hours. This is because U.S. institutions are either still enjoying a three-day holiday or the current volatility is not enough to elicit a stronger reaction from them. But essentially, as Brother Wu said, the main liquidity in the crypto space still comes from the U.S. market, or rather, from U.S. institutions.

As long as institutions are not active, it is actually very difficult for "retail investors" in the cryptocurrency field to significantly drive changes in Bitcoin's price. This also includes many actual holders who are in a long-term holding state for BTC. Therefore, by Tuesday night, we can clearly see the changes from U.S. institutions.

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