The recent trend in the crypto market has indeed caused many people's hearts to hang in the balance. Let's break down the underlying logic.

First, it must be clarified that it's not retail investors who are running, but institutions and large funds. When they start reducing their positions, Bitcoin responds by dropping, and other coins are unlikely to be spared—no one can stand apart from this chain reaction.

Next is the leverage issue. Many traders have opened full positions on contracts, betting on continued upward movement. But once the price turns downward, it immediately triggers a chain of forced liquidations—margin calls, automatic system sales, and further price declines. This is what is called a "stampede-like decline," not a slow descent, but a feeling of being smashed down.

The macro environment is also putting pressure on the market. Recently, US stocks have been unstable, and the overall economic signals are bearish, leading to a generally cautious market sentiment. In this atmosphere, investors prefer to hold cash and wait, with high-risk crypto assets being the first to be sold off.

The core issue is the lack of new funds. Currently, it's not that there are many bad news, but that there isn't enough fresh capital to absorb the selling of old money. Old money has been exiting, while new money dares not enter, causing prices to continue downward naturally.

Looking at retail investor sentiment, it’s basically one word: panic. Those who are in profit rush to sell to lock in gains, those caught in a trap worry about losing everything and choose to cut losses, and spectators are even more afraid to look at the market. Open the trading interface, and the screen is full of red—this visual shock alone can scare off a wave of people.

So, is this the end of the world? Not at all. From the historical patterns of the crypto market, this is just the cycle of old routines: rise → oscillation → collective sell-off, combined with current leverage washouts, short-term shakeouts, and testing the patience of investors.

Here's a straightforward judgment: there will still be volatility in the short term, and there might even be another quite frightening dip. Now is not the time to chase the rally. A more pragmatic approach is to avoid using leverage, not to be fully invested, and wait until key support levels are confirmed before assessing subsequent actions. The market is always there; there's no need to rush.