#黄金美股比特币为何齐跌？ Why Are US Stocks, Gold, and Bitcoin Experiencing "Unprecedented" Sell-offs?

Numbers are flashing, wealth is evaporating. From Wall Street to everyday investors, the global markets are undergoing a rare "asset mass exodus." This widespread decline is quite unusual: traditionally considered safe-haven assets like gold and silver, along with risk assets like Bitcoin and US stocks, are falling simultaneously, breaking the conventional "this or that" perception.
01 Market Overview: An Unprecedented Total Collapse
This sell-off has nearly swept across all major asset classes. In the US stock market, the Nasdaq index fell 1.59%, the S&P 500 dropped 1.23%, and the Dow Jones declined 1.2%. Technology stocks bore the brunt, with AMD and Qualcomm plunging over 8%, and Amazon and Microsoft both falling more than 4%. The cryptocurrency market experienced a "crash-like" decline as well. Bitcoin briefly dropped below $60,000, with a total decline of over 48% since its peak last October. Ethereum fell more than 13%, and other major cryptocurrencies like XRP, SOL, and Dogecoin each declined over 14%. The precious metals market was not spared either. London spot gold prices fell over 3%, and silver prices plummeted more than 19%. The oil market was also affected, with WTI and Brent crude futures both dropping nearly 3%.
02 The Three Main Culprits: Leverage Liquidations, AI Bubble, and Policy Shift
This broad sell-off was mainly driven by three factors, forming a reinforcing "negative feedback loop."
First, concerns over an "AI bubble" intensified. Tech giants' massive capital expenditure plans sparked deep worries about AI investment returns. Amazon expects its capital spending to reach about $200 billion in 2026, a 50% increase year-over-year, about 37% higher than Wall Street expectations. This money-burning move was punished by investors, with shares dropping over 10% after hours. Second, US economic data showed weakness. In January, US companies announced 108,435 layoffs, a 118% increase from the same period last year, reaching the highest level since January 2009. Meanwhile, private sector employment growth was far below expectations, fueling fears of an economic recession. The third key factor was rising uncertainty over Federal Reserve policies. President Trump nominated Kevin Woor to be the next Fed Chair, raising concerns about a policy shift. Woor is known as an "inflation fighter" who advocates aggressive balance sheet reduction to tighten liquidity, contrary to market expectations of rate cuts.
03 Leverage Liquidation: From Individual Risk to Systemic Crisis
The core mechanism behind this sell-off is the chain reaction caused by leverage liquidations. When asset prices start falling, leveraged investors face margin calls, triggering forced liquidations, which in turn lead to larger sell-offs. CoinGlass data shows that over 430,000 traders were liquidated in the past 24 hours, with total liquidations reaching $2.069 billion. These forced liquidations further exacerbated the market decline, creating a vicious cycle of "sell-off—drop—liquidation—more sell-off." Wenny Cai, COO of SynFutures, said, "The scale of liquidations is huge, and market sentiment has shifted toward risk aversion. Price movements are now more driven by balance sheet mechanisms than narrative logic." The market has shifted from "narrative-driven" to "balance sheet-driven," with prices mainly influenced by forced liquidations, capital outflows, and similar mechanisms. This also explains why different asset classes are falling in unison. Investors, to cover losses or meet margin requirements, are forced to sell all liquid assets, including traditionally safe assets like gold and silver.
04 Psychological Barriers: Key Price Levels Breached and Confidence Crisis
In market volatility, breaching key psychological price levels often accelerates the downward trend. For Bitcoin, $70,000 is a significant psychological threshold. Once this level is broken, panic intensifies. US Treasury Secretary Janet Yellen's comments further dampened market sentiment. When asked whether the US Treasury has the authority to buy Bitcoin or other cryptocurrencies, Yellen said, "I do not have the authority to do so. As Chair of the Financial Stability Oversight Council, I do not have that power." This statement shattered hopes of government rescue. Capital flow data confirmed market panic. After about $562 million flowed into Bitcoin ETFs on Monday, over $800 million exited in the following two days. CryptoQuant reports that the US ETF that bought 46,000 Bitcoin last year has turned into a net seller by 2026. Shiliang Tang, Managing Partner at Monarq Asset Management, said the crypto market is experiencing a "crisis of confidence." As key levels are broken, market confidence further collapses, fueling the sell-off.
05 The "Bottom-Fishing" Impulse of Young Investors and Risk Warnings
Contrasting sharply with the market plunge is the continued enthusiasm of young investors to buy the dip. Data from major investment platforms shows a sharp surge in searches for terms like "what does building a position mean" and "how to build a position for beginners," with some platforms seeing search increases of over 300%, and over 60% of users being under 30. Amid declining deposit interest rates, traditional savings methods no longer meet young people's needs for capital preservation and growth. They are more inclined to actively seek diversified asset allocations, trying to profit through "buy low, sell high." Many young investors say, "Market drops are the best opportunity to get in." However, professionals warn that most young investors lack professional investment knowledge and are prone to blindly following the trend of "buying more as prices fall." Gold's volatility can reach 15-20%, and cryptocurrencies like Bitcoin are even more volatile. Silver, with its smaller market and speculative nature, exhibits even greater fluctuations. Blindly bottom-fishing could lead to huge losses. Industry experts remind that building a position is not simply "buying at low prices," but a professional operation that requires comprehensive judgment based on risk tolerance, asset fundamentals, and market trends. In the current environment, blindly buying the dip could result in significant losses. Prediction platform Polymarket shows an 82% chance that Bitcoin will fall below $65,000 within the year. Some traders even bet on worse outcomes—about a 60% chance that Bitcoin will drop below $55,000. Investors need to adapt to an era of "post-safety net expectations," where liquidity is no longer infinitely abundant. Reducing overall leverage, focusing on cash flow and intrinsic value of assets, and maintaining sufficient liquidity to respond to sudden market shifts will be key to survival and growth in this new environment. This "collective market crash" may serve as a painful but necessary prelude to the new era of investment discipline.