Recently, this pullback of Bitcoin is actually a struggle between two forces - a changing macro environment + the market's leverage went awry.

First, let's talk about the big environment: Japan's two-year government bond yield has directly broken through the 1% threshold. What does this mean? The cost of borrowing has increased, and global funds are starting to tighten their belts. In such times, the first reaction of investors is to seek safety, quickly withdrawing from high-volatility assets like Bitcoin and turning to more stable havens.

What’s worse is that the technical aspect has also collapsed. When BTC broke through the key support level, the stop-loss orders that were set in advance were triggered instantly, and a large number of leveraged long positions faced forced liquidation. What was originally just a normal pullback turned into a cascading sell-off—selling triggered more selling, and the decline was magnified.

To put it simply, this decline is the result of external pressures meeting internal vulnerabilities.