Don't just focus on the K-line from 93,000 to 88,000 for Bitcoin; you need to broaden your perspective.

The plunge in US stocks, Ethereum dropping below 3000, and gold hitting new highs—these market signals couldn't be clearer. This isn't an isolated incident in the crypto world but a sign that global risk assets are facing a round of "liquidity withdrawal."

The trigger points to Trump's "Greenland + tariffs" combo move. On the surface, it's diplomatic rhetoric, but fundamentally, it's a resurgence of inflation expectations. What is the current US economic situation? A debt burden of 38 trillion dollars, with interest expenses already exploding. Once the tariff policies are implemented, inflation will rise, and the Federal Reserve's room to cut interest rates will be completely blocked—possibly even forcing a sustained "higher for longer" interest rate environment.

What the market truly fears isn't just bad news alone but a liquidity rupture.

Regarding whether BTC is digital gold—market behavior tells the truth. When it comes to safe-haven moments, you see gold rising while Bitcoin is still tracking the decline of the Nasdaq. The reality is clear: at this stage, Bitcoin is essentially a magnifying glass for US dollar liquidity, far from earning the status of a safe haven.