Last night, the crypto market experienced another sudden fall, leaving many long positions stunned. This wave of market movement is actually not hard to understand, as there are two clear driving forces behind it.

First, let's talk about the capital situation. The U.S. Treasury has launched a new round of government bond issuance, which is like a big money siphon, pulling money from the market to buy government bonds. With less money available, high-risk things like encryption naturally bear the brunt.

Looking at the policy level again. The Federal Reserve's latest statement is much more conservative than before. Not long ago, everyone was guessing how many times interest rates could be cut this year, but now the officials have directly thrown cold water on that idea—it's more likely to maintain the status quo. With expectations of interest rate cuts cooling down, the market immediately went limp.

To be honest, this fluctuation has taught us a lesson: the crypto market is this fragile. With just a slight disturbance in the macro environment, it can take you on a roller coaster ride. When the market was doing well last year, everyone thought they were Buffett, but now they are realizing how dangerous leverage can be.

My advice is simple - don't go all in. Retail investors really need to be cautious right now, control your positions well, don't think about bottom fishing just because the market is falling, and don't go all in just because it has risen a little. Operate according to the risk you can bear, let the short-term ups and downs be, and don't let your emotions lead you around. The market is always there, but if you lose all your capital, it's really gone.