#数字资产市场动态 Last night, the precious metals market experienced a crash-like correction, with silver dropping as much as -8.7% in a single day, the most ferocious in nearly four years. Gold also couldn't escape, falling over 4% simultaneously, with multiple technical support levels being broken consecutively. Those assets that once surged over 200% within the year were wiped out completely overnight.

Retail investors watched the K-line in horror, exclaiming that a top had been reached, but the real internal logic is far from so simple. Behind this plunge is a life-and-death struggle between bulls and bears over rate cut expectations. What are the bulls betting on? Nothing more than "rate cuts can't be delayed forever; they will come eventually." And what about the bears? They are haunted by two fears: inflation remains sticky, making rate cuts impossible, and the Federal Reserve's independence is being interfered with by various voices, so the expectation of rate cuts might just be a trader’s dream.

But the truly critical turning point is here—exchanges suddenly raised margin requirements, forcing leveraged positions to be liquidated, and a stampede effect instantly ignited. Sometimes, the pressure from liquidity is more ferocious than the fundamentals.

Looking at the crypto market, assets like $BTC, $ETH, and $BNB also couldn't remain unaffected. The key point is, this is not the end, but just the beginning of a period of large volatility. When market consensus is torn apart, prices will swing more extremely. A common mistake among retail investors is treating bottom-fishing as taking a knife, but in reality, they are paying for others’ gambling. True opportunities always belong to those who plan ahead, not those who follow the trend at the last minute.