Recent market panic seems to be more than just an emotional issue. Multiple forces are exerting pressure simultaneously within the same time window. To understand what is happening now, we need to see through the three layers of logic behind it.

**Layer One: Macro Liquidity Tightening**

The ripple effect of the Bank of Japan's rate hike is deeper than it appears on the surface. Over the years, the low-cost yen has been a gold mine for global arbitrage trading. Once borrowing costs rise, leveraged funds must sell risk assets to recover. Cryptocurrency markets? Of course, they can't escape. This has happened many times in history, and this time it looks like the pattern is repeating—nothing like a black swan.

**Layer Two: Silence Before the Data Release**

The Federal Reserve appears to be turning to easing on the surface, but in reality, it is still tethered to economic data. Non-farm payrolls and inflation data are about to be released, directly affecting the next interest rate move. Before the truth is revealed, large funds tend to reduce risk exposure. The market is thus in a wait-and-see period, "waiting for policy." This isn't a negation of the assets themselves, but a wait for clear signals.

**Layer Three: On-Chain Signals Turning Red**

The inflow of Bitcoin into exchanges has recently increased. Meanwhile, some old mining rigs are starting to shut down due to electricity costs and halving pressures. What do these signs indicate? Even the most loyal holders are beginning to loosen. But don't misunderstand—this isn't the end of the trend, but a "pressure clearing"—paving the way for a healthier rally in the next wave.

So, the current situation is less a crisis and more a structural adjustment. The most testing aspect is your understanding of this cycle.