Do you remember a month ago? When BTC broke through a hundred thousand dollars, the whole community felt like it was New Year's — social media was flooded, and various wealth creation stories were everywhere, the title of "digital gold" was shouted loudly.

Now? Let me give you a real-life education. The price has dropped below the 100,000 mark, hitting around 99,000 at its worst, evaporating 20% of its market value in a month. This is not a technical correction at all; it’s simply a bear market warning light flashing.

If you want to say it is a safe haven, it falls harder than anyone else; if you want to say it has tech attributes, its volatility leaves tech stocks in the dust. What on earth is going on with this thing?

The real turning point can be traced back to October 10th. That day can be called "Black Thursday" — three fatal events collided together.

First, geopolitical tensions suddenly escalated, and significant disturbances emerged in US-China relations, causing a rapid freezing of global risk appetite. Then came the chain reaction: those highly leveraged players couldn't hold on any longer, and the system automatically triggered liquidations, one wave after another. The most astonishing thing was the stablecoin USDT, which claims to "always equal 1 dollar," surprisingly showed signs of de-pegging.

Three knives stabbed down together, with a single-day liquidation amount soaring to 19 billion USD! It is important to know that this figure is equivalent to one-tenth of the trading volume of the A-share market in a day, and it disappeared just like that.

Since then, the atmosphere of the entire market has changed. It's not that there isn't any capital, but rather that no one dares to act. Look at the current Bitcoin futures open interest, which is far below the levels prior to the crash. Although the financing rate has dropped, there are very few people adding positions.

This round of decline has only wiped out around 1 billion USD, not even the small change from that day. What does this indicate? It's not another wave of liquidations, but rather that the belief system has collapsed—everyone is voting with their feet, retreating for safety.

The most devastating thing is that this market situation has stripped Bitcoin of its last defenses: it is not a safe-haven asset at all, but purely a high-risk variety. When the traditional market coughs, it directly goes into a fever.