BTC has fallen to 75,000 USD, and the market is currently very fragile. A confluence of negative factors may necessitate a wave of leverage liquidation. From a cyclical perspective, this year is a year of transition from bull to bear. The market hasn't even reached its lowest point from the bull market peak, and good trading opportunities are expected to emerge in the first half of 2027. The recent decline has significantly increased the implied volatility (IV), indicating strong market anxiety about further drops. After all, a collapse in AI stocks would trigger a severe shakeout across the entire speculative market.