The market rhythm has recently changed. Bitcoin's sharp decline broke through 86,000 in a single candlestick, with 190,000 traders liquidated within 24 hours, and 500 million USD evaporated instantly. It doesn't look like a normal correction; it seems more like the prelude to a leverage position avalanche.

Even more bizarre is the flow of funds. Institutions are aggressively buying gold and silver to hedge risks, causing precious metals to soar; meanwhile, the AI sector is also collapsing, with Nvidia losing nearly a trillion in market value in just two days. What does this phenomenon indicate? The market is shifting from high-risk assets to defensive positions.

The macro environment is also tightening. The US debt issue continues to ferment, and liquidity conditions are tightening. What should we do in such a situation? Many agree: reduce leverage, hold cash, and allocate some hard assets to hedge systemic risks. Similar rhythms have appeared more than once in history, and this time might really be different.

What’s your view? What will be the next trigger for a major crash? Share your judgment in the comments.