Last night, Bitcoin fell below $100,000. Are you panicking? Data shows that over 140,000 people got liquidated within 24 hours, with nearly 12.3 billion RMB evaporated. Many are asking: Is this the end of the bull run or a buy the dip opportunity?

Don't rush to conclusions. There is a key player behind this round of fall—the U.S. Treasury market. The U.S. government shutdown crisis has led to the TGA account of the Treasury reaching its bottom, and large treasury bond auctions act like a giant water pump, drawing all risk-averse funds away. As a risk asset, cryptocurrencies naturally bear the brunt of being "bled dry."

What's worse is that Federal Reserve officials have recently been hawkish, completely shattering the illusion of a rate cut in December. Once panic sets in, funds rush to safe assets, leading to a chain reaction of Get Liquidated one after another. But looking at it from another angle, isn't this the market squeezing out the bubble?

Liquidity has a characteristic: it retreats quickly, but the rise can be even more intense. Once the government crisis is resolved and the funding situation becomes loose, the money that has been withdrawn is likely to flow back into the crypto market. Looking back at history, during each crash, the people who panic and cut their losses are often the most numerous, while the ones who truly make money are usually those who understand the flow of funds.

The current BTC price is $101,985.56, down 1.07% in the last 24 hours, and the fluctuations are a test of mindset. Of course, I'm not saying to blindly buy the dip, but to wait for signals: the return of funds to U.S. Treasuries and the warming expectations of interest rate cuts. Be greedy when others are fearful, provided you can see clearly where we are in the cycle.

Is this round of correction a dead end or a golden pit? Perhaps only time can provide the answer. But at least for now, panic selling and FOMO buying the dip are not the optimal solutions.