#Strategy加仓比特币 The recent fall in the market seems to be due to poor conditions, but in fact, there is a problem with liquidity.

Washington is in turmoil, with the government shutdown lasting for 37 days, setting a historical record. During the shutdown, the Treasury ran out of money and withdrew nearly $700 billion from the market within two months. This amount is equivalent to directly siphoning off funds from the financial system, leading to a sharp contraction in banks' available funds, and the Federal Reserve's bank reserves even fell to the lowest level since 2021.

After the tightening of liquidity, a chain reaction occurred. Borrowing costs began to soar, with the secured overnight financing rate jumping by 22 basis points in one go, even exceeding the Federal Reserve's benchmark rate. You see, the Federal Reserve recently cut interest rates, intending to ease the market, but as the Treasury "bled" funds, the effect of the rate cut was completely offset, and the market is still short on cash.

When money is tight, capital becomes extremely cautious. At the slightest sign of trouble, everyone starts to sell off to hedge against risks. Therefore, you will see the US stock market fall, and the crypto market follows suit - it's not that there's a problem with these assets themselves, but there simply isn't enough money in the market to support them.

So why is it said that the government resuming operations could be a turning point? The logic is simple: once the two parties reach an agreement and the government reopens, the Treasury won't need to keep "bleeding" funds, and may even reverse and release Liquidity. By that time, funds will flow back into the market, and highly elastic assets like $ETH will often be the first targets to attract the influx of capital.

At this stage, understanding the funds situation is more important than focusing on the K-line.