#美国政府关闭 The market suddenly changed, what signal do these three coins plummeting at the same time send?

People who opened the market software today might be confused—BTC broke through the $100,000 mark, ETH fell below 2800, and SOL plummeted more than 12% in a single day. Panic emotions? They have indeed spread quickly. However, when thinking calmly, is this really a sign that the bull market is over?

First, look at the fundamentals. After the U.S. government shutdown came to an end, it is normal for short-term speculative funds to take profits; at the same time, the U.S. dollar index strengthened, U.S. Treasury yields increased, and there are signs of capital flowing back into traditional markets from risk assets. These are all foreseeable short-term volatility factors.

The logic on the technical level is clearer: BTC at 100,000 and ETH at 2,800 are pressure levels that were repeatedly tested in the early stages but failed to break through, accumulating a large number of trapped positions. Once these levels are broken, programmed stop-losses and leveraged liquidations will trigger a chain reaction, accelerating the decline. However, this kind of technical adjustment is often also a process of washing out floating positions.

Looking back at the greed index in recent weeks, market sentiment has been pushed to extreme levels. There are quite a few participants who are fully invested or even leveraged at high positions, and the current panic selling is, to some extent, clearing space for the subsequent market movements.

Where do you think this wave of adjustment will stabilize? Among BTC, ETH, and SOL, which one is likely to be the first to emerge from an independent market? Share your judgment logic in the comments.