The government shutdown is over, so why is the market dropping? Woke up this morning to a waterfall—BTC has dropped below 100K again, and many altcoins are bleeding out! Another dip was definitely necessary! Last night’s plunge wasn’t because the 'fundamentals collapsed,' but rather a combination of macro uncertainty + emotional resonance + leverage liquidation all piling up. The end of the shutdown is undoubtedly good news, but the key economic data delayed due to the shutdown—employment, CPI, non-farm payrolls, and a bunch of other data—are either missing or delayed. The market can’t price anything, meaning investment expectations are gone, and the foundation for pricing has been pulled out. On top of that, with a December rate cut still far off, hawkish voices emerging within the Fed, and no data to confirm whether the economy is truly cooling down, it’s understandable that tech stocks and cryptocurrencies are broadly declining. This is clearly a sentiment-driven panic sell-off. And because of liquidity issues, not many people are willing to buy right now, which is also a key factor. If the uncertainty continues and we see more slow declines, I think a pullback to the 95K–92K 'value zone' would be a great buying opportunity. So, just like my analysis of the sentiment index yesterday, nothing has changed. In the short term, this isn’t a trend reversal—it’s an emotional liquidation event. Once the leverage is cleared out, the mid-term trend remains healthy. Currently, sentiment is at 'extreme fear,' and historically, 80% of the time, this leads to a rebound. The expectation of a December rate cut still exists; it’s just that the market can’t see a clear direction in the short term. Bitcoin’s confidence comes from the 'spot-driven cycle,' not a leverage cycle. Once emotions and leverage are flushed out, the trend will still be the trend. Remember, every drop is for a better rise! Stay patient, stay humble! Image credit: @santimentfeed