At 12:30 AM, the BTC Candlestick Chart suddenly took a free fall—a bearish belt hold directly breached the $65,000 mark. Investment groups instantly erupted, all asking the same question: who is dumping?

Don't rush to create a story. There are no mysterious big players, nor sudden negative news. The real situation? Two "pumps" just happened to start operating at the same time.

The first one, emergency auction of U.S. Treasury bonds. The Treasury's TGA account is about to run dry, urgently needing to replenish funds, and has overnight released $163 billion in Treasury bonds. What does this mean? Investors have to use real money to take over, and more than $170 billion was locked into the Treasury bond "safe" overnight. As a risk asset, Bitcoin is naturally the first to be hit as the lifeblood of the funds pool is withdrawn.

The second factor is the Fed extinguishing the fantasy of rate cuts. Federal Reserve official Goolsbee suddenly made hawkish remarks in the early morning, directly stating that inflation is not yet under control, and a rate cut in December? Don't even think about it. This statement left those betting on rate cuts in a daze—CME interest rate futures showed the probability of a rate cut plummeting from 70% to 45%. Funds hurriedly closed their positions, leading to a 'kill more, kill more' market, and BTC lost its liquidity support, only able to slide down.

But to be honest, there's no need to panic excessively. This "blood draw" is a short-term action. Once the U.S. government shutdown crisis is resolved and the TGA account is replenished, the liquidity that was drawn away will flow back into the market. If the Federal Reserve slows down reverse repurchase operations next week, the short-term supply of dollars will also become more accommodative. From a funding winter to a liquidity thaw, this cycle usually does not last more than a few weeks.

Instead of being frightened by the red and green of the Candlestick Chart, it is better to understand the direction of liquidity. Behind market fluctuations, it is always the capital that is speaking.