Wall Street veteran Fred Krueger asserts that the emergence of the Bitcoin bear market is completely triggered by two factors: first, the global liquidity tightening caused by events such as the Federal Reserve tightening monetary policy; second, the forced selling triggered by Bitcoin-specific shocks such as exchange collapses or fraud. He cited historical data, including declines in 2011, 2017-2018, and 2021-2022 that coincide with monetary tightening, as well as the decline related to the collapse of the Mt. Gox exchange from 2013 to 2015. Currently, the trading price of Bitcoin is close to 90,015 dollars, down about 28.8% from its peak in October.