This Tuesday's US stock market truly witnessed history.

The CEOs of major Wall Street banks collectively came out to pour cold water, saying that the market might need to adjust—once this statement was made, investors panicked. The Nasdaq and S&P 500 delivered their worst performance in nearly a month that day, with tech stocks being hit the hardest; six out of the seven giants were in decline, and the semiconductor sector evaporated by 4%.

More exciting in the crypto market. Bitcoin has fallen below $100,000 for the first time since June, and Ethereum is even harsher, plummeting 10% in a single day. According to data from Coinglass, over 340,000 people were liquidated in the past 24 hours, with losses exceeding $1.3 billion—of which 85% were long positions.

Retail investors have suffered the most this time. Those popular stocks that are usually favored have completely collapsed under the triple blows of Palantir's earnings report, short-seller attacks, and the cryptocurrency market crash. The retail investor heavy stock index tracked by Goldman Sachs plummeted by 3.6%, three times the decline of the S&P 500, marking the largest single-day drop since April 10th. This is their darkest day in four months.

Panic sentiment is still spreading. In the early Asian session on Wednesday, U.S. stock futures continued to decline, and Asian stock markets opened lower collectively. The Korean market led the decline, falling over 4% at the opening. Concerns about the valuation bubble in tech stocks are infecting global markets.

The current question is: How long will this adjustment last? Or is it just a short-term panic?