My head hurts even more, and the homework is harder to write, not because of the decline, but because the reasons for the decline are still unclear. It feels like emotions have collapsed, but the reason for this emotional collapse is unknown. When the cause is unknown, it becomes difficult to judge the timing of a rebound. Currently, not only is $BTC declining, but the U.S. stock market is also falling. However, looking at the ratio of the declines in the U.S. stock market and Bitcoin, it is clear that the liquidity in the cryptocurrency market is a complete mess.

The price of $66,000 has already erased all the gains from Trump's campaign to his presidency. This price is even lower than the low point of the last cycle. Not to mention that Bitcoin miners will shut down if the price is above 21 w/t. However, I see that the decrease in mining difficulty is not very significant, which indicates that either many miners are not shutting down even at the shutdown price, or everyone is now using advanced equipment with a lower shutdown price.

The worst part is that cryptocurrency-related stocks like $COIN, $HOOD, $CRCL, and $MSTR have all seen significant sell-offs. Even gold and silver are declining. The overall sentiment in the risk market is very poor. Let's see what else Trump can perform.

Looking back at Bitcoin's data, there is already panic, and it's quite severe. There are numerous sell-off data points, but the main sellers are still short-term investors. The biggest question now is how long the panic will last. First, we need to observe the reaction of Asian investors during the day tomorrow, and then see if U.S. investors will continue to sell off at night. For a long time, prices have been maintained during Asian hours, while U.S. investors have been more aggressive in their sell-offs.

The chip structure remains very stable, which is also a headache. It is indeed noticeable that even early investors who are at a loss have not shown significant signs of selling off, which is quite different from the past. The rapid decline is not due to a large amount of selling, but more likely due to a lack of liquidity.

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