2025-12-09 20:13:37

Woken up by my phone vibrating in the middle of the night, I groggily unlocked the screen—my market app’s pop-up flashed like a death knell. The moment I clicked in, I was instantly wide awake: Bitcoin had evaporated nearly $20,000 in half a day, and the candlestick chart looked absolutely brutal.

The group chat had already exploded. Someone’s voice note was trembling: “It’s over, it’s over, is the bull market ending early?” Someone else just gave up: “I’ll cut my losses and leave in the morning.” Even more absurd, an old classmate who usually scoffs at crypto messaged me in the middle of the night asking if everything was crashing.

But honestly, after watching the markets for so many years, I’ve seen scenes like this countless times. It looks like a bloodbath on the surface, but this drop was scripted long ago—it has nothing to do with Bitcoin itself and is purely caused by macro factors.

The real culprit? Two words: no money.

The US Treasury just did something big—dumped over $160 billion in bonds at once. This move is like plugging a giant siphon into the global financial market. Hot money that used to flow between the stock market, crypto, and commodities instantly got sucked away to fill the bond gap. To make things worse, Fed officials followed up by saying, “Don’t expect rate cuts anytime soon.” Any hope for easier liquidity in the market was completely dashed.

The crypto market is a playground for high-risk capital by nature. When liquidity tightens, this money flees faster than anywhere else. But here’s the thing—has Bitcoin’s fundamentals collapsed? Not at all. Institutions are still accumulating, on-chain activity is steady, and halving cycle expectations haven’t changed. Frankly, this is a classic case of being “an innocent bystander”—just a chain reaction of panic-driven capital flight.

Market crashes are the ultimate test of your mindset. Panic is human, but don’t let your emotions make the decisions for you.

BTC-0.63%

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BanklessAtHeart

· 12-11 13:50

Once again, macro factors are causing chaos, even though the fundamentals are solid, and we still have to take the hit. --- I've heard the story about US debt siphoning liquidity too many times. Every time it's said, retail investors end up taking the loss. --- Damn, two thousand dollars in a moment—that's why I only dare to make regular investments and not day trade. --- Why do I find it so hard to believe that institutions are stockpiling? They talk as if they have a conscience. --- When liquidity tightens, you run. But when liquidity eases again, you have to make it up. What's that got to do with fundamentals? --- I was awakened in the early morning—my goodness, this is the price of holding assets. --- Bitcoin innocently caught in the crossfire haha. So, who should take the blame? The Federal Reserve? --- Don't let emotions drive your decisions. Easy to say, but when prices drop, who the hell isn't panicked?

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screenshot_gains

· 12-11 00:53

It's again macro issues, this wave is indeed not the fault of BTC itself. Liquidity tightening is always like this; those panicking will never make money. --- Once the 160 billion government bonds are sold off, hot money flees very quickly. This script has indeed been written long ago. As long as the fundamentals haven't collapsed, there's no need to panic too much. --- Woken up in the early morning and saw this scene. Those voices in the group are definitely going to regret today. Macro affairs can't be avoided in the short term, but the long-term logic hasn't changed. --- Honestly, watching this for so many years, it’s always the same. When the Federal Reserve makes a statement, hot money immediately pulls out, but institutions are still accumulating, data is still alive. Isn't this an opportunity to buy the dip? --- Haha, here we go again. How many times has this routine been played? Don't listen to those people in the group scaring you. Liquidity tightening is just liquidity tightening; BTC's cycle logic hasn't shaken. --- The siphoning of government bonds is indeed fierce, but it just shows that macro factors are the main drivers. The coin price remains calm. Those panicking haven't thought it through.

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RealYieldWizard

· 12-10 10:20

It's another macro mess-up; the crypto circle gets caught in the crossfire, really speechless. --- Once liquidity tightens, these hot money flows out; the fundamentals are actually fine. --- Same here, I've been watching the market for years, this kind of plunge is no surprise, the key is not to panic and cut losses. --- 160 billion yuan in government bonds directly siphoned off, no wonder Bitcoin got caught in the crossfire, this script is indeed well-written. --- Those who slack off in the group in the middle of the night will regret it when they wake up—typical panic stampede. --- Honestly, this wave is just capital panic; the fundamentals are very stable, institutions are still accumulating. --- As soon as the Federal Reserve makes a statement, liquidity disappears—this move is really ruthless, but a price rebound in crypto is only a matter of time. --- Why panic? The bottom of the bear market looks pretty cheap right now.

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Gm_Gn_Merchant

· 12-09 20:43

Macroeconomic forces are cutting the leeks, and the crypto space takes the blame, but it's not BTC's fault.

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MidnightMEVeater

· 12-09 20:43

Good morning, just another midnight liquidity trap. Getting tired of watching hot money flee; the real players are laughing the hardest in the dark pools. --- Isn’t that $160 billion in Treasuries just the biggest sandwich attack? Retail traders are just the cheapest slippage stepping stones. --- Biggest takeaway from years of watching the market? Don’t chase shorts in panic sell-offs—that’s just handing tips to miners. --- Those in the group chat panic-selling in the middle of the night will still be regretting the opportunity cost this time next year. --- The fundamentals haven’t collapsed, institutions are accumulating, so why does it still have to drop? Because the market itself is a slaughterhouse—price impact is a built-in feature. --- It’s funny, the people who usually look down on crypto panic the moment it drops, then come asking me for advice. That’s selective perception for you. --- When liquidity tightens, this hot money moves even faster than a mouse click. The question is, what kind of money comes in next? That’s what’s worth staying up for.

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BlockchainBard

· 12-09 20:42

Here we go again, this time the treasury bond siphoning is really something. As soon as liquidity tightens, hot money flees, and we end up taking the hit.

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HalfBuddhaMoney

· 12-09 20:39

To put it simply, the Fed is cutting retail investors again, and our Bitcoin just gets caught in the crossfire. Once the government bonds are dumped, all the hot money flees—the current drop is purely due to macro interference. The fundamentals haven't collapsed, so what's there to panic about? Saw a $20,000 drop overnight, and the group chat was definitely exploding, but isn't this just normal market action? Institutions are still quietly accumulating, so us retail investors shouldn't get scared off. History always repeats itself—today's panic is tomorrow's buying opportunity. Those who panic sold will regret it when they look at the charts six months from now.

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SeasonedInvestor

· 12-09 20:36

Once again, it's the macro factors causing trouble. The crypto space is called a scapegoat for a reason. --- The siphoning operation is truly impressive; hot money flees in a flash. --- Institutions are still quietly accumulating, so let's not scare ourselves. --- People in the group at midnight, each one more dramatic than the last. They'll be proven wrong again tomorrow. --- As long as the fundamentals haven't collapsed, everything else is just a liquidity game. --- I'm sitting this one out; I've seen even worse situations before. --- You guys sell at a loss, I keep accumulating. Let's wait until things calm down. --- As soon as the Fed made that statement, funds fled extremely fast. It has little to do with BTC. --- That guy in the group wants to sell at a loss; he'll definitely regret it next year. That's just how it goes. --- Honestly, this type of sell-off is actually an opportunity; the key is your understanding. --- This is what happens when liquidity tightens—a minor fluctuation, nothing to panic about.

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