#数字货币市场回调 This wave of fall is quite severe. In the past day, the entire crypto world market capitalization has evaporated by 4.1%, now dropping to $3.04 trillion. Bitcoin has plunged to around $87,200, falling by 4%; Ethereum is even worse, with a 5% drop bringing the price down to about $2,850. What about the DePIN and Layer 2 zones? They are leading the fall, exceeding 7%.

To be honest, this round of sell-off started during the Asian session. The trigger was over in Japan — their 2-year government bond yield surged to 1.02%, the highest point since 2008. As interest rates rise, funds start to run to safer places, and risk assets naturally suffer.

What's even more exciting is that the market is rumored that Powell might suddenly resign. Although there is no official confirmation, such news is enough to make people anxious. On the Trump side, there has been a direct announcement to unveil a new candidate for the Federal Reserve chair, with Kevin Hassett being a strong contender. The uncertainty in the leadership of monetary policy has directly stirred the market sentiment even more.

At the level of major players, the European crypto giant CoinShares suddenly withdrew several applications for U.S. spot ETFs, and even halted its leveraged Bitcoin futures ETF business, preparing to shift towards innovative products and blockchain-themed investments. Competition is indeed becoming more intense.

It's not calm on the DeFi side either. Yearn Finance's yETH product was hacked, and about 1000 ETH was transferred away. Also, Ethena's incubated Terminal Finance, which was originally set to launch a decentralized exchange, has been canceled - because the collaborating Converge blockchain did not go live as planned. The dependency risks between projects have once again been exposed.

In short, the macro and technical aspects are intertwined now, and the short-term pressure is indeed considerable. Keeping a close eye on liquidity changes and policy trends, and managing positions well is more important than anything else.