This week's BTC decline was the result of six negative factors converging, ultimately leading to a market liquidity crunch and price drop. First, the long-term yield on US Treasury bonds remains above 5.4%. The 10-year yield is around 4.93%, and the 30-year yield is at 5.422%. US Treasuries are draining the lifeblood of non-interest-bearing assets! Second, the US dollar index fell to 101.8, and US stocks also declined. Funds are not simply "rebalancing," but rather being drained from non-interest-bearing assets and "leaving the market." Third, oil prices are approaching $118, adding to the pressure from expectations of interest rate hikes. Brent crude has risen for six consecutive weeks. The Fed held rates steady in October, but the vote was 10-2, raising the probability of a December rate hike to 99%. Fourth, CoreWeave's CDS surged to 1085 basis points. The market is already pricing in a potential "default" in AI infrastructure. Once the bubble bursts, US stocks and BTC will be dragged down. Fifth, tech giants' earnings reports tore open the cracks in the AI faith. Meta fell 7%, Google fell 10%, Intel fell 22%, and the Nasdaq fell 2.9%, with a 40% correlation to BTC—no one could escape it. Sixth, Binance's theft of over 3 billion triggered panic in the crypto market. SAFU can cover the losses, but the cracks in trust are harder to mend than funding gaps. These six negative factors converge, pointing to the same conclusion: Liquidity is drying up, risky assets are exiting, and BTC prices are naturally falling to a bottom. This week's BTC market report analyzed and deduced Bitcoin's subsequent price movement from multiple dimensions, outlining the complete path of short-term rebound, medium-term bottoming, and long-term bullish outlook. Click to read the full article