Crypto retail investors are much more addicted to linear causality (because of the rise/fall of the market caused by X events/X people) than ordinary people to Tiktok and video games. I am not immune to convention either. After a few rounds of verbal battles with Grok in the afternoon, I came up with a relatively reliable reason for the decline. Let's listen to it recklessly. Firstly, before drawing conclusions on the reasons for the decline, let's first understand the financial market context of November 25: --The expected path of the Federal Reserve's monetary policy has undergone a sudden change this month, and now the market is pricing not only for no interest rate cuts in December, but also for no interest rate cuts until Master Bao steps down next year; --Wall Street invented a new measure of AI foam - the yield difference between corporate bonds of AI leading companies and 10-year US bonds, which is currently at a very low level in history, suggesting the extent of AI foam; --The Ponzi structure of Nvidia's revenue has been widely discussed and spread on social media, and the US stock market is no longer paying for Nvidia's impressive financial reports; --The high beta asset list and priority on Wall Street are highly consistent, with the high beta asset sequence (from high to low): Micro Strategy (MSTR) ≈ Bitcoin>altcoins>NVDA (AI Narrative)>Nasdaq 100>S&P 500. After understanding the context of the above financial markets, the direct reason for the decline is also looming, that is, when macro liquidity expectations are tightened and AI foam burst expectations are strengthened, the leftmost asset BTC in the high beta asset series is the first to be sold. Combined with the leverage effect of DAT, the market is now very afraid that MSTR and BMNR cannot withstand the pressure and sell BTC or ETH in the treasury, resulting in the classic death spiral phenomenon in the downward trend. And this expectation reinforces this negative feedback loop again, which is called 'self actualization of expectations' What should we do in the face of such a cryptocurrency market situation? There is only one answer: time. Keep the principal and wait for the system to return to steady state. If everyone is dead and you are still alive, you are the winner. The above.