The mystery is solved! The reason for Bitcoin's plunge has been found? It's the Anthropic IPO that drained $400 billion! Will it continue to fall? 1. This round of Bitcoin's decline may be related to the drain on liquidity from the Anthropic IPO. According to currently circulating data, the Anthropic IPO planned to raise approximately $64.4 billion, but the market subscription size reached 6 times, meaning that the potential subscription funds are close to $400 billion. Institutions and retail investors participated in the IPO, which may have squeezed market liquidity, causing some funds to withdraw from the crypto market. 2. Why do IPOs affect the crypto market? The logic is simple: market funds are limited. When a large amount of funds are concentrated in a popular IPO, short-term buying in other markets may be affected. Especially when the market itself lacks incremental funds, this diversion effect may further amplify the downward pressure on BTC. 3. When might a turnaround occur? If the IPO subscription ends and the funds from those who didn't win the lottery are gradually released, some funds may flow back into other markets. At that time, the liquidity pressure in the crypto market is expected to ease, and Bitcoin may have a chance to rebound. However, it's important to note that unfrozen funds don't necessarily mean they will flow back into the cryptocurrency market. 4. Review the market performance during the SPCX IPO. In a similar market situation in June, during the SPCX IPO, Bitcoin experienced a significant pullback, followed by a rebound after the subscription period ended. After a period of consolidation, it eventually rose. History doesn't simply repeat itself, but similar fund diversion phenomena are worth noting. 5. What should you do now? My strategy is simple: If you have spare cash, consider gradually building up your spot holdings. Don't panic and sell at a loss due to short-term dips. Don't use leverage to buy the dip with heavy positions. Keep cash on hand to allow yourself room to maneuver during market fluctuations. 6. Finally, a word of advice: The most important thing in the cryptocurrency market isn't buying at the absolute bottom every time, but having holdings in the market when the trend truly begins. Short-term fund diversion may only be one factor influencing market movements. The real determinants of Bitcoin's price movement are macro liquidity, market sentiment, and demand for funds. During this period, control your position size and remain patient. Survival is more important than bottom-fishing; only by staying at the table can you have a chance to wait for the next bull market.