Yesterday's pullback, to be honest, was caused by several pieces of Unfavourable Information coming together.

Let's start with the news from last Friday—13 departments held a meeting, which had several more departments participating compared to the one in 2021, and the focus particularly mentioned stablecoin regulation. The market is already sensitive to this matter.

Immediately following yesterday morning, the Governor of the Bank of Japan suddenly changed his stance. It's important to note that they had been playing it cool, ultimately leading to interest rate cuts. This time, however, he explicitly hinted at a possible rate hike? It's completely out of the ordinary, leaving everyone feeling uncertain.

As soon as the US stock market opened in the evening, it started to decline, which completely ignited the pessimistic sentiment.

Another point that cannot be ignored is that BlackRock's ETF has been experiencing outflows recently. In the past month, there has been a net outflow of $2 billion, which is the largest monthly outflow record since IBIT was launched in January 2024. Institutional funds are withdrawing; can retail investors remain calm?

Under multiple pressures, the market's reaction is actually within expectations.