#特朗普撤销农产品关税 woke up in the middle of the night to my phone vibrating, Bitcoin and US stocks were both dropping sharply, and the community messages were coming in too fast to keep up.

But upon calm reflection, this crash is really not an unexpected event—it is a chain reaction of liquidity crises, with three forces simultaneously tightening the money supply.

**The first pressure comes from the harvesting of national bonds.** The Ministry of Finance has dumped 163 billion USD of national bonds in one go, instantly sucking away the hot money from the market. With guaranteed profits from bonds in front of them, who still wants to spend money betting on the fluctuations of crypto and stocks? This wave of operations has directly drained half of the market's blood.

**The second blow is the expected reversal.** The Federal Reserve suddenly changed its stance, a rate cut? Don't think about it for now. Funds that originally leveraged bets on easing policies were thrown into chaos, and the liquidation orders fell like dominoes, unable to stop the downward trend. Those who bet on the wrong direction rushed to cut their positions overnight, running as fast as they could.

**The third strangulation is hidden in the banking system.** The overnight lending rate suddenly soared, and the banks' own money is either locked in government bonds or trapped in reverse repurchase operations. With even banks short on cash, where is the surplus to supply blood to the crypto market?

This is not a bear market; it is a temporary liquidity freeze. Those who are panic selling now are essentially handing out chips at the floor price. Once these three pumps stop and the funds flow back into the market, those quality assets that have been wrongly killed off will become opportunities.

The key is not to move around recklessly. Hold onto cash and keep an eye on three indicators: whether the bank lending policy has loosened, whether the government bond yield has dropped, and whether the Federal Reserve's tone has changed. Once these three signals appear, it's time to enter the market.

When the market is experiencing severe fluctuations, it is easy to make mistakes in judgment alone. Follow me for daily insights on spot positioning and bull market strategies.