The cross-border shocks in the global financial markets are accelerating in their manifestation. Recent policy uncertainties have led to a sharp rise in U.S. Treasury yields, and the Japanese bond market has also experienced anomalies. This "double kill" situation has directly impacted the liquidity foundation of the crypto market.

Data shows a rapid decline: Bitcoin has fallen below the $90,000 mark, Ethereum has broken through $3,000, and major coins like SOL and ADA have plunged by up to 5%. On-chain statistics indicate that over $1.09 billion in funds have been liquidated. This is no longer just a simple technical correction but an intuitive reflection of macro risks in the crypto market.

There are three market realities that need to be acknowledged. First, policy changes have a deeper impact on liquidity than expected. The rise in global bond yields directly drains risk asset funding, rendering the "decentralized" nature of the crypto market powerless at this moment. Second, the operational logic of institutional funds has been fully exposed in panic. Assets touted as "hedging tools" are often sold off first during stress tests, indicating that emotional-driven factors outweigh fundamentals. Third, retail investors' timing in "bottom fishing" has become a huge challenge. They blindly buy during price drops, unaware that professional institutions have already pre-positioned or exited through structural tools.

In such an environment, data is more valuable than confidence. Monitoring U.S. Treasury yield trends, volatility index changes, and large on-chain transfer signals can help assess the true flow of funds. Market opportunities often hide in moments of widespread sell-off, but only if you can see clearly what others are afraid of.