When I opened the #数字货币市场洞察 market app, I was completely stunned. The Nasdaq and Bitcoin both plunged, all my positions were showing green numbers, and I felt a heavy tightness in my chest.

At first, I thought it was some kind of black swan event. Later, I realized—it wasn't an accident at all, but rather three massive forces simultaneously draining liquidity from the market.

The first force is the Treasury’s bond issuance. $163 billion worth of bonds stacked together is basically a national-level money vacuum. As the risk-free rate rises, all the hot money rushes into bonds, and no one wants to leave a single cent in high-risk assets like crypto or stocks. My portfolio ended up in shambles.

The second force is even harsher. The Fed was just teasing the market a few days ago, hinting at a possible rate cut, then suddenly turned around and said, “Not in a hurry to cut rates.” That’s a blatant reversal. Leveraged funds panicked and liquidated overnight, and a wave of forced liquidations crashed down like an avalanche. The market completely collapsed, and there was no one left to catch the falling knife.

The third force is the liquidity crunch in the banks. Overnight lending rates soared to ridiculous levels, and banks were scrambling everywhere just to save themselves—there’s no way they could inject money into the crypto market.

I stared at my account all morning, torn. If I cut my losses, I’m afraid it’ll rebound as soon as I sell; if I don’t, I fear it’ll keep dropping and my losses will get even worse. This kind of dilemma is truly torture. In the end, I realized one thing—you have to hold onto cash right now. Don’t try to be a bottom-feeding philanthropist. At worst, missing the bottom just means you didn’t make money; selling at the very bottom is the real blow.

My next steps are clear. Watch for three turning points: banks loosening up on lending, Treasury yields starting to fall, and the Fed softening its stance. If I do enter the market, I’ll stick to leading coins like $BTC, $ETH, and $BNB—they have strong resistance to drops and rebound hard. Once the signals appear, I’ll start building positions in batches.

Ultimately, a crash itself isn’t scary. What’s scary is being consumed by fear and making rash decisions. That’s how the market works—it washes out those without enough discipline during crashes, and rewards those who can hold on during surges.

Right now, everyone in the market is panic-selling. If you can survive this, once the storm passes, what you pick up won’t just be tokens—it’ll be the opportunity for the next breakout.