"What did I do wrong? Has this half a year been in vain?" The phone kept vibrating, and early in the morning, messages exploded. When I opened it, it was all cries of Holdings collapsing—those Candlestick Charts flashing green light, like being pushed off a rooftop, evaporated 15% in half an hour.

There is a friend named A Qiang who does cross-border business. He just finished adjusting his Holdings in the early morning and sent me a selfie before dawn: his sweaty T-shirt stuck to his body, along with a caption saying, "Cutting my Holdings now feels like a life-or-death situation, but not cutting makes me feel like I'm waiting to die." The groups exploded with messages - "What bad news is there? Why is it dropping like this?" "Did the main players withdraw?" "Is the exchange malfunctioning?"

Don't panic just yet. This round of plummeting prices is not a sudden event, nor is it a technical failure, but rather a complete "funds transfer". Many people focus on the price fluctuations while ignoring a hard truth: no matter how much cryptocurrencies claim to be independent, they cannot escape the gravitational pull of traditional finance — the real culprit behind this market crash is actually hidden in the dull numbers of U.S. Treasury bonds.

Let me tell you a trick: The U.S. Treasury has a TGA account, which is essentially the U.S. government's own bank account. Recently, due to the government shutdown farce, this account had already run dry. To fill the gap, the U.S. recently issued a batch of short-term government bonds, originally planning to borrow $163 billion, but investors rushed in and managed to shove in $170.69 billion.

On the surface, this seems like "the market is buying it", but in reality? This is equivalent to installing a "pump" in the entire financial system. This money won't just appear out of thin air; it has to be drawn from somewhere—stocks and cryptocurrencies, these "high-risk toys", naturally become the targets for bloodletting.