#Strategy扩大比特币持仓 Yesterday, Bitcoin suddenly plummeted, and the market data looked quite bad at one point. This fall was not due to any shenanigans within the crypto space; the driving force behind it actually came from news in TradFi.

In plain terms, the main culprit is the extremely strong economic data released from the U.S. Employment reports and PMIs have far exceeded market expectations, directly dousing investors with cold water—everyone was hoping the Federal Reserve would lower interest rates soon, but now it seems, with the economy being so hot, a rate cut? Don't even think about it.

The panic chain in the market is transmitted as follows: strong data → inflation still exists → interest rate cuts are far away and may even increase → high interest rates continue to be maintained. Once interest rates do not come down, stable assets like government bonds become more attractive, so funds begin to retreat from high-risk targets like Bitcoin. Once liquidity tightens, risk appetite immediately shrinks; those who need to stop losses do so, and those who need to run away do so.

In addition to the macroeconomic impact, several other factors are also pressing the accelerator:

Technical levels have collapsed: $BTC was already hovering near key support, and this fall directly broke through, triggering a large number of stop-loss orders, causing the decline to escalate.

US stocks dragged down: The Nasdaq wasn't doing much better that day, with technology stocks generally weak. When traditional markets collapse, the crypto market suffers alongside, and this interconnected effect is becoming increasingly evident.

Risk aversion is rising: In certain parts of the world, tensions are high, and investors are more inclined to hold onto their money or move it to safe-haven assets, naturally decreasing their appetite for risk.

In summary, this round of decline appears to be a technical adjustment of coin prices, but in essence, it is the macro narrative that is leading the rhythm. The Federal Reserve's every move can now almost directly determine the short-term direction of $BTC , making it more important to focus on policy trends than on market data.