Currently, US stocks and cryptocurrencies continue to decline, and the liquidation of gold and silver is still ongoing. One of the reasons for the risk market downturn today is probably the poor data from the small non-farm payrolls, and since there is no non-farm payroll data this month, the market mainly references the small non-farm payrolls. The employment figures from the small non-farm payrolls 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.

Looking at the detailed data of US stocks, during Asian and European trading hours, the futures trend was actually stable or even slightly upward. However, once US trading hours began, a decline appeared. After the small non-farm payroll data was released, the decline intensified. Following the US stock market open, the drop continued to widen, and it only started to gradually rebound around 2 a.m., with $BTC also beginning to rebound at the same time.

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

Looking at Bitcoin data, today, as $BTC 's price broke below $73,000, signs of panic appeared early in the morning. The turnover rate surged significantly. The data suggests that the portion above $73,000 is mostly being sold off. The decline today, like the US stocks, seems to have no clear reason, yet the drop is so fierce that investor sentiment and liquidity are clearly on the verge of collapse.

In terms of the 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. While traditional investors haven't sold much, 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.