On December 1st at 8 AM, Bitcoin suddenly plummeted. Many people thought it was caused by a single event again, but that is not the case.

Behind this sudden plummet are five forces simultaneously stepping on the gas: on a macro level, liquidity is tightening, institutional funds are quietly retreating, high-leverage contracts are facing a series of liquidations, regulatory attitudes remain unclear, and technical charts have long shown signs of fatigue. With these five factors coming together, it's surprising if it doesn't collapse.

In plain terms, this drop has sounded another alarm bell—under the rules of the game where the Federal Reserve controls the liquidity switch, Bitcoin is no longer a safe-haven asset. It is a risk asset, closely linked with the stock and bond markets. Once the policy direction changes, the crypto market immediately shakes in response.

Investors really need to be more mindful: leverage can make you soar, but it can also lead to a very ugly demise. Even a hint of macro policy can shake the entire market. Don't always think about getting rich overnight; first, consider whether you can withstand such volatility.

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