Last night's global market bloodbath came more fiercely than expected.

Legendary short seller Michael Burry—who predicted the 2008 mortgage crisis—has now turned his attention to the AI myth. His Scion fund has invested nearly 80% of its assets in short positions on Nvidia and Palantir, with Palantir's put options alone burning through $912 million, and $186 million also being poured into Nvidia. Although the stock prices of these two companies reached new highs after the end of September, causing Burry a temporary paper loss, this level of betting serves as a warning to retail investors.

The situation in the cryptocurrency market is even more shocking. Bitcoin has broken the $100,000 barrier for the first time since June, plummeting to a low of $99,000, with a single-day drop of over 7%; Ethereum is even worse, directly halving its value, dropping below $3,100, with a decrease of nearly 14%. In the past 24 hours, more than 400,000 people have been swept out of the market, and $1.799 billion has vanished in an instant — equivalent to about 12.8 billion yuan. Now many analysts are saying: if Bitcoin can't hold the $100,000 defense line, the next wave of selling may head straight for the $74,000 pit from April.

The leaking house coincides with the night rain, and the U.S. government is also playing with fire. The Senate rejected the temporary funding bill on November 4, and this "shutdown" is about to break the record for the longest in history. The two parties are deadlocked over healthcare benefits, with insurance premiums skyrocketing, putting 4 million Americans at risk of losing coverage. Transportation Secretary Buttigieg has already stated: if this continues, some airspace may be closed directly. It's important to know that there are currently 13,000 air traffic controllers and 50,000 security personnel working without pay, and the tension in aviation security has reached its limit.

This round of market turbulence, to put it bluntly, is due to multiple landmines being triggered at the same time: the Federal Reserve's policy expectations are wavering, the valuation bubble of tech stocks is being questioned, and the U.S. government shutdown has left the economic outlook in a haze. In this environment, the wisest approach is to control positions, stay away from high leverage, and not let yourself become one in 400,000.

Observing and waiting is the survival rule of the moment. A short-term strategy of quick in and out may be more reliable than any aggressive bets.