Behind this big dump, there may be a clue that is not known to the public.

The market's technical indicators have indeed broken down, but the real trigger for the selling frenzy seems to come from outside—the news suggests that a large cryptocurrency exchange in Southeast Asia suddenly faced a liquidity crisis, with its backend system temporarily shutting down, causing localized panic of a bank run.

Things evolved rapidly: Some investors found it impossible to withdraw funds normally, and to avoid further losses, they began to sell BTC and ETH in the market at any cost to exchange for USDT for self-rescue. The selling pressure from a single institution should not have been fatal, but in a market environment with high leverage, it triggered a chain reaction - the drop in coin prices led to insufficient margin, resulting in a surge of forced liquidations, further exacerbating the decline and forming a negative feedback loop.

Several anomalous phenomena corroborate this conjecture:
- The USDT price is strengthening against the trend, indicating a surge in demand for stablecoins off the market.
- The sell-off period is concentrated in the Asian time zone, with no significant news triggering it.
- Some stock markets in the Asia-Pacific region also experienced a fall.

However, based on historical experience, similar off-market liquidity crises are often accompanied by the final round of panic selling. When all the flesh that needs to be cut has been cut, the market is more likely to welcome a technical rebound.

A warning signal to be aware of is that the flow of gray funds may trigger a chain reaction at the regulatory level, and the policy risks in the short term cannot be ignored. Is it the time to buy the dip or a signal to escape the peak? The answer the market provides may come faster than expected.