#加密美股齐跌,下轮反弹的驱动力在哪? Only after getting crushed did I see the joke clearly: the only difference between crypto stocks and BTC right now is who’s falling more gracefully.

COIN is down 3%, MSTR is down 5.6%, and MARA is down 5.6%. BTC has been slammed to 68,500, while ETH has fallen straight through 2,000. The Fear and Greed Index is at 21: extreme fear.

Over the past 24 hours, $676 million in positions were liquidated, 96% of them longs. ETFs have seen $2.15 billion in outflows over three weeks, with IBIT alone accounting for $1.66 billion.

Some say, “We’ve hit an emotional bottom; short covering is the signal.” Don’t fool yourself. A rebound driven by short covering isn’t new money coming in—it’s leverage being flushed out. CPI came in at 0.4%, higher than expected, pushing rate cuts further out. That’s the real weight bearing down on the market.

The rebound’s supposed driving force? Right now, it’s just two words: capitulation. Until the washout is over, what turning point are we even talking about?

BTC has fallen below 68k. Do you think this is the final drop, or has the bear market just opened its doors? $BTC $ETH $MSTR