2025.10.17 After the black swan, the plunge continues The crypto market took another dive today. The reason? Several U.S. banks reported consecutive bad debts, sparking global financial market concerns over credit risks. Risk-off sentiment surged, dragging the crypto market down with it. Historically, bad loans have been an early warning signal for central banks to ease policies. The Fed's rate cut expectations continue to rise. When people panic, they can do all sorts of irrational things. In extreme panic, the crypto market tends to take an irrational hit. Next, we need to watch out for BTC dropping below 102,000. Two sentences to sum it up: When things are good, don’t see them as too good. When things are bad, don’t see them as too bad.