#美联储恢复降息进程 The market has been falling inexplicably in recent months. Nothing major has happened, and the news isn't bad, but it just can't rise. In the past, ETF funds would come in and pump the market, but now when they sell, it results in dumping. It feels like the rules of the game have changed.

I summarized three key signals:

**Signal 1: The Trust Crisis of Stablecoins**
It's not new that USDT has been labeled as high risk by S&P, but this time the market's reaction is noticeably more sensitive. The issue of transparency has always existed, and with regulatory tightening in various countries, people are starting to worry about whether it can still stabilize. This directly affects trading confidence.

**Signal 2: Bitcoin holdings have become a hot potato**
There are rumors that publicly traded companies holding large amounts of BTC may be kicked out of mainstream indices. This is equivalent to directly cutting off the path for companies to hoard coins - originally hoping that institutions would continue to buy, this funding channel may now be blocked. How long can companies like Strategy continue this play?

**Signal Three: Where Has All the Money Flowed?**
Tech giants are desperately issuing bonds for financing. Although the AI concept is a bubble, funds are still chasing it. Even more exaggerated is the sharp decline in the physical inventory of gold and silver, which clearly indicates that risk-averse funds are fleeing from risk assets. Bonds and precious metals are both competing for money, and the crypto market is naturally being drained.

Looking at these few things together? Essentially, traditional finance is seizing pricing power.

In the past, the market had ample liquidity, and everyone played their own game without conflict. Now, with global liquidity tightening, the cake has become smaller, and those folks on Wall Street have set their sights on the cryptocurrency market as a juicy target. They are trying to regain control through regulatory pressure, changes in rules, and diversion of funds.

So this wave of decline is not a technical issue, but a struggle for funds and discourse power between the old and new forces. This kind of game will not end in the short term, and the market may continue to wear people down.