Bitcoin has once again fallen below 100,000 USD. That bearish belt hold instantly ignited the social platform—some shouted "the algorithm has been broken, funds are fleeing," while others imagined "judicial custody" as "the US cracked the private key."

Market conditions reflect emotions, but emotions do not represent the truth.

Now is not the time to take sides for long or short positions. The more volatile it is, the more we need to clarify the timeline and set the documents straight: Who exactly did the U.S. move coins for? How did they move them? Does it have anything to do with the so-called "Algorithm collapse"?

Next, let's restore the truth by looking at the nodes: first, we'll see how the rumors spread, then distinguish the essential difference between "algorithm attack" and "legal access", and finally use public cases to answer the most fundamental question—how those coins ended up in the hands of U.S. regulatory agencies from personal wallets.

**Timeline Replay:**

**October 10 (Friday)**
After the news that the U.S. government announced a 100% tariff on certain Chinese goods was released, the leverage in the cryptocurrency market began to collapse. That night until the early hours of the next day, a wave of liquidations swept across the entire network.

**Within 36 hours from the 10th to the 11th**
About $19 billion in leveraged positions were forcibly liquidated, with Bitcoin hitting a low of $104,7xx; Ethereum and altcoins fell even harder, and the market directly entered "Black Weekend" mode (Source: Reuters).

**October 11 (Saturday)**
The clearing records of the exchange and perpetual contract platform have been rewritten: The largest scale in history appeared in a single day...