The recent sharp decline was not caused by a single factor but resulted from the accumulation of multiple negative factors. Macroeconomic policy: Kevin Warsh serving as the next Federal Reserve Chair has had a significant impact on the market. Institutional selling: ETF funds have flowed out significantly, and this collective exit by "smart money" has dealt a blow to market confidence. The "money-absorbing effect" and backlash of the AI industry: funds are shifting, with capital moving from cryptocurrencies to more imaginative AI infrastructure sectors. Leverage liquidations and technical breakdowns: chain reactions of forced liquidations and liquidity shortages. Geopolitical tensions and commodity volatility: the Trump administration's tough stance on Iran has triggered global market fluctuations.