As the data cards are revealed, this black swan has finally surfaced. The truth behind the crash is simple: the rapid development of AI has dealt a massive blow to SaaS stocks, triggering panic-driven deleveraging by major funds. Amid the chaos, Bitcoin has also become collateral damage. You could say, ETFs made it, and ETFs broke it. This bull market was fueled by institutional inflows, but don’t forget, Wall Street’s money is both the wave that propels and the ruthless blade when the tide recedes. Gains and losses come from the same source—no exceptions.