Today's market feels like hell-level difficulty. If the October 11th drop had some traceable causes, this time the decline, while not as intense for now, really doesn't seem to have a clear reason. Of course, it's not about finding a reason for every drop, but for me personally, if I can't pinpoint the cause of the downturn, it's hard to decide whether to enter the market. Knowing the reason helps clarify the trend changes. For example, the trigger on October 11th was U.S.-China trade tensions, but now those tensions have gradually eased. You can see from the speeches of China's Wang Yi and the U.S.'s Biegun that the rhetoric escalating conflicts between the two countries has toned down. Plus, Trump is still planning to meet Xi Jinping, which suggests the market already has expectations for TACO. But today's drop really doesn't have a clear reason, which makes it hard—at least for me—to judge the short-term trend. It's like trying to navigate in the dark without a reference point. My reasoning for the drop is similar to the data analysis of K-line experts; it's just expressed differently. For now, the only somewhat related factor I can see might be the continued government shutdown causing GDP losses. Looking at Bitcoin's data, the increased turnover rate does show a trend of rising panic, but the scope of the panic is still limited. Compared to October 11th, the panic has eased significantly, likely because after the last leverage blow-up, many investors are now more cautious. From the URPD data, it's still the loss-making investors who are the main sellers, while earlier investors haven't reacted much. The current token structure is still within the support range, and there's no sign of large-scale investor panic at the support level. As long as the support doesn't collapse, there shouldn't be major issues. Sponsored by Bitget ｜ @Bitget_zh