This round of big dump, to put it bluntly, is just that the global pool of funds has suddenly shrunk.

The U.S. Treasury has been crazy about issuing bonds recently, while the Federal Reserve has taken a hard stance of "don't count on me to cut interest rates." The combination of these two factors has pushed the cost of borrowing in dollars through the roof, and the yields on government bonds are also rising. Money isn't foolish; it runs to where it's safe—thus, high-risk assets have been collectively sold off.

The crypto market is originally a leveraged playground, and the volatility is outrageously high. In such an environment, it's like a stampede: liquidation triggers a chain of liquidations, falling harder than anyone else.

It must be made clear: this wave of fall has nothing to do with the technology of Bitcoin itself; the blockchain will operate as it should. However, its financial attribute as a "risk asset" has been hit hard this time.

Will the bull market come back in the future? It all depends on when the Federal Reserve will loosen its stance. If the monetary policy does not shift, don't expect this market to truly turn around.