BTC has fallen to 75K USD. The market is currently very fragile, with various bearish factors converging, which may trigger a wave of margin liquidations. From a cyclical perspective, this year marks the transition from a bull to a bear market. We have not yet reached the low point following the bull market peak; good trading opportunities are expected to emerge in the first half of 2027. The recent decline has clearly pushed up implied volatility (IV), and the market’s concerns about further declines are evident; after all, if AI stocks crash, all speculative markets will face a wave of drastic shakeouts.