These past couple of days, the market has indeed been quite intense. Bitcoin temporarily dropped below the $90,000 mark, hitting its lowest level since January. Against the backdrop of declining global bonds and stocks, cryptocurrencies are taking the brunt. Ethereum fell by 6% in response, and Solana also retraced by 4.6%.

The underlying logic is quite clear—geopolitical risks are escalating, with both Japan and US bond yields soaring, leading to a noticeable decline in market risk appetite. Especially with the tariff threat topic resurfacing, the selling pressure on US bonds is significant; Japan's fiscal moves are also adding to the turbulence. In this environment, investors' risk aversion is particularly strong. You can see it clearly with gold, which hit a new all-time high, breaking through $4,700.

From a technical perspective, the next support levels are between $84,000 and $85,000. Data from the Bitcoin options market also reflect this—demand for downside protection is clearly increasing. Analysts are all saying, don’t underestimate the current macro risks.