Currently, US stocks and cryptocurrencies continue to decline, and the liquidation of gold and silver is ongoing. One of the reasons for the risk market downturn today is the poor non-farm payroll data, and since there is no non-farm data this month, the market is mainly relying on small non-farm payrolls. The employment figures in the small non-farm report are significantly below expectations, which could lead to market pessimism about the US economy. In theory, this situation could be favorable for the Federal Reserve to cut interest rates.

From the detailed data of US stocks, the futures trend during Asian and European trading hours was actually stable or slightly upward. However, once US trading hours began, a decline appeared. The drop intensified after the non-farm payroll data was released, and after the US stock market opened, the decline continued to widen. It wasn't until around 2 a.m. that a gradual rebound started, and $BTC also began to rebound at this time.

The Nasdaq experienced its largest drop today, exceeding 2.2%. Normally, such a significant decline would correspond to clear negative news, but that was not the case this time. Currently, the biggest factor seems to be the lack of an agreement between the US and Iran, which surprisingly caused such a large drop. This indicates that the entire risk market is already in a very fragile state.

Looking at Bitcoin data, today, as $BTC 's price fell below $73,000, signs of panic appeared early in the morning. The turnover rate surged, and the data suggests that the portion above $73,000 is being reduced. The decline today, like the US stocks, seems to lack a clear reason, yet the drop is so fierce that investor sentiment and liquidity are clearly on the brink of collapse.

In terms of chip structure, although it remains relatively stable, investor sentiment is indeed poor. More importantly, due to liquidity exhaustion, even small-scale sell-offs by short-term investors have triggered significant declines. Traditional investors haven't sold much, but their purchasing power is almost gone. Meanwhile, institutional withdrawals continue, leaving only the investments from the crypto community itself. For now, the outlook remains quite pessimistic.