The financial markets at the end of 2025 staged a thrilling drama. Bitcoin suddenly plummeted, dropping over 31% from its all-time high, causing 190,000 traders to be liquidated overnight; in stark contrast, silver and platinum surged over 170%, and gold also hit a new all-time high.

The volatility in the cryptocurrency market is just the tip of the iceberg. Mainstream coins like SOL, BNB, XRP, and others are also under pressure. AI concept stocks suffered heavy losses—NVIDIA's market value evaporated by over one trillion dollars in a short period, and related companies in the industry chain also plummeted. Raw material markets are equally turbulent, with lithium battery-related material prices soaring collectively, and the core raw materials experiencing especially astonishing increases.

What is the underlying logic? Elon Musk made a rare statement, pointing out that the US debt of $38.3 trillion could trigger a crisis, even mentioning that the concept of currency might disappear, and energy could become the "real currency." This narrative sounds somewhat alarming, but it also reminds many of the 2008 financial crisis. That crisis also stemmed from a bubble burst and liquidity crunch, causing profound market impacts.

However, there are indeed differences between this round and that time. Currently, the banking system remains relatively stable, and the trigger points are not exactly the same. While high leverage and liquidity risks exist, the ecosystem still has some buffer space.

In the face of such a situation, market experts generally advise: control leverage ratios, allocate safe-haven assets, monitor cash flow conditions, and diversify investment portfolios. Energy assets are worth paying attention to, but strategies should also be adjusted according to individual risk tolerance. Historical patterns will not repeat exactly, but risks always exist. As investors, caution and flexibility are equally important.